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The difference between Chapter 7 bankruptcy and Chapter 11 bankruptcy is what happens to a party during the process. Parties undergoing chapter 7 bankruptcy must sell of their assets in an attempt to pay off dept. Chapter 11 allows for one to attempt to maintain their assets. During chapter 11 bankruptcy the party must negotiate with creditors to stay afloat.
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Explain the role of garner vs Murray in the dissolution of partnership?
garner vs murray :- "when there is a Piecemeal distribution of cash under Maximum loss Method,It is reqauer to apply garner vs murray rule." "when ther is defisit to the partner under Maximum loss Method,It is distributed to the remaining partner in capital ratio." "According to garner vs murray defisit of insolven partner are distributed to remaining solven partner in capital ratio."
What conflict did the Tennessee trial of John Scopes illustrate?
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Who was the known slave that sued for his freedom in the case Dred Scott vs Sandford?
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What is the difference between chapter 11 vs chapter 7 bankruptcy?
The major difference between Chapter 11 bankruptcy and Chapter 7 bankruptcy is that Chapter 11 offers more flexibility so that debtors can negotiate terms without having to sell their assets. Under Chapter 7 bankruptcy, the debtor's assets are almost always sold to pay off their debt. Chapter 7 also features a level of debt forgiveness, whereas Chapter 11 does not.
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