Lowell Recently Graduated from College with a Degree in Business

question 123

Essay

Lowell recently graduated from college with a degree in business administration, but has been unable to find a job.After consulting with a lawyer, 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 a condominium secured by a mortgage.c.$100 a week in unemployment benefits after being laid off from his job 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.What can he keep? What will each of the creditors receive? Explain.

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Definitions:

Recombinant Plasmids

Engineered DNA molecules formed by inserting a fragment of DNA into a plasmid vector, used in genetic engineering and biotechnology.

Host Cell

A cell that a virus or another parasite invades and in which it might replicate or live.

DNA Replication

DNA Replication is the biological process of producing two identical replicas of DNA from one original DNA molecule, essential for cell division.

Bacterial Colony

A visible mass of microorganisms all originating from a single mother cell, growing together on a solid medium.