Identify the reasons bankruptcy laws were enacted.
Identification should cite protection afforded by the U.S. Constitution, the shielding of consumers from irreconcilable debt, and the effects that filing bankruptcy can have on the creditor and the debtor. Types of bankruptcy include Chapter 11 (reorganization; for businesses), Chapter 13 (reorganization; for individuals), and Chapter 7 (straight bankruptcy; for individuals).
Other Related Standards
FBLA Competitive Events and Activities Areas
The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook.
NBEA Achievement Standards for Business Law
Analyze the functions of negotiable instruments, insurance, secured transactions, and bankruptcy.
Analyze the impact of international law on bankruptcy.
Describe Chapter 7 Bankruptcy, and state the eligibility requirements to file for this under the 2005 Bankruptcy Code.
Discuss the impact of the laws of different countries on bankruptcy.
Explain the requirements for creditors to file for Chapter 7 involuntary bankruptcy under the 2005 Bankruptcy Code.
Identify and discuss alternatives to bankruptcy.
Identify and explain bankruptcy exemptions, and state the domiciliary requirement for state exemptions to apply.
Identify debts that are not extinguished by bankruptcy.
Identify the limitation of the state homestead exemption under the 2005 Bankruptcy Code.
Point out the eligibility requirements for debtors who do not qualify for Chapter 7 Bankruptcy to file for Chapter 13 Bankruptcy under the 2005 Bankruptcy Code.
Summarize the principal features of Chapters 11, 12, and 13 Bankruptcy Code.