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Essex, a manufacturing company is in serious financial difficulty and is unable to meet current unsecured obligation of $1,340,000.00 to some 20 creditors, who are demanding immediate payment. In that creditor list, Essex owes Steven Machine Corporation $15000.00 on a secured financing agreement for a CAD machine that was purchased last year.
DISCUSS THE FOLLOWING:
- What are the options available to the creditors and essexs?
- Discuss how is a bankruptcy estate administered? What chapter would be best here and why? Why not the other chapters?
- What are debtor’s rights and duties in bankruptcy?
- When are debts discharged in bankruptcy?—what rights might steven machine have?—discuss options, and how and if they can be pursued.