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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.
Chapter 7 bankruptcy is a liquidation process where assets are sold to repay creditors, usually resulting in the discharge of most debts for individuals or businesses. Chapter 11 bankruptcy is a reorganization process that allows businesses to continue operating while developing a plan to repay creditors over time. Chapter 7 is typically more straightforward and faster, while Chapter 11 is more complex and costly but allows for more flexibility in restructuring debts.
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What is the difference between Common law vs roman law?
Common law is a legal system derived from judicial decisions and precedent, where courts interpret and apply the law. Roman law, on the other hand, was a legal system developed in ancient Rome based on written statutes and codes. Common law relies heavily on precedent, while Roman law emphasized codification and abstract legal principles.
What conflict did the Tennessee trial of John Scopes illustrate?
The Tennessee trial of John Scopes, also known as the Scopes Monkey Trial, illustrated the conflict between those who held religious beliefs, particularly creationism, and those who supported the teaching of evolution in schools. The trial highlighted the tension between religious fundamentalism and modern scientific thought in American society during the early 20th century. It became a landmark case in the debate over the teaching of evolution in public schools.
Explain the role of garner vs Murray in the dissolution of partnership?
In the dissolution of a partnership, the role of garner and murray is typically related to the distribution of assets, liabilities, and profits among the partners. Garners are responsible for collecting any remaining assets and settling outstanding liabilities, while Murray may oversee the final allocation of profits among the partners according to the partnership agreement or applicable laws. Both play important parts in ensuring a fair and orderly dissolution process.
From 1820 to 1865 the debates over nullification tariffs and the spread of slavery into new territories concerned the issue of?
States' rights vs. federal power. Nullification debates centered on whether states had the authority to reject federal laws they deemed unconstitutional. The spread of slavery raised questions about whether new territories should be slave or free states, highlighting the conflict between states' rights to determine their own affairs and federal regulation.
What court case said that slaves were property not people?
The Dred Scott v. Sandford case in 1857 ruled that slaves were property, not citizens, and therefore could not bring a case to court. The decision further deepened the divide between the North and South on the issue of slavery.
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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