Lowell Recently Graduated from College with a Degree in Business

question 15

Essay

Lowell recently graduated from college with a degree in business administration, but has been unable to find a job. He decided to file a Chapter 7 petition with the Bankruptcy Court. He has the following assets:
a. $1,200 in equity in a new car which he purchased with a loan from the bank.
b. $5,000 in equity in his residence, a condominium secured by a mortgage.
c. $100 a week in unemployment benefits after being laid off from his job as a burgermaker at a local restaurant.
d. $750 in business administration books including a hardly used copy of Mann and Roberts, Essentials of Business Law and the Legal Environment.
e. a $1,000 retainer for his teeth prescribed by his orthodontist.
His debts are as follows:
a. $10,000 in student loans.
b. $20,000 to the bank for his car, which is secured by the car.
c. $5,000 in unsecured credit card debts.
Under federal exemptions, what can he keep? What will each of the creditors receive? Explain.

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Definitions:

Sociocultural Variations

Describes differences in practices, beliefs, and values that are influenced by cultural and social factors across various groups.

Specimen Collection

The process of obtaining samples of body fluids, tissues, or other substances for the purpose of laboratory analysis.

Excretions

Bodily processes of eliminating waste materials, such as through urine, feces, sweat, or exhalation.

Hand Hygiene

Practices, including proper hand washing, that are essential in preventing the spread of infections, especially important in healthcare settings.