Essex, a manufacturing company is in serious financial difficulty, law homework help

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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. 

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