What are the major types of bankruptcy?  

Prior to reading this DQ, please read the CLA 1 assignment and understand what the assignment is asking you to complete. Once you have an understanding of the CLA 1 assignment, please continue to the paragraph below to complete DQ 1.

Using the Library Information Resource Network (LIRN), JSTOR, or any other electronic journal database, research six (6) peer-reviewed articles that can be used to answer your upcoming CLA 1 assignment. Your discussion should summarize the articles in such a way that it can justify any arguments you may present in your CLA 1 assignment and should be different from the abstract. In addition to your researched peer-reviewed article, you must include an example of the article researched as it is applied by industry (company, business entity, and so forth).

Please note: This article summary should not be the only article researched for your CLA 1 assignment. You may (and should) have several other articles researched to fully answer your CLA 1 assignment. The concept of this DQ is to allow students to be proactive in the research necessary to complete this assignment. You may use your article summary, partially or in its entirety in your CLA 1 assignment.

Important: Please ensure that your reference for the article is in correct APA format, as your reference in your discussion post. Depending on which electronic database you use, you should see a “Cite” selection for your article. In addition, there should be a variety of articles summarized and as such, students should have different articles summarized. Your summary MUST include ALL of the following in your DQ post (include every item in the bullet list below, or you will not receive full credit):

Do these in order:

In correct APA format, write the Reference of the article.

Clearly state what the article is about and its purpose.

Describe how you will use it in your upcoming assignment.

Repeat for a total of six (6) peer-reviewed sources.

CLA 1 Comprehensive Learning Assessment – CLA 1 – CLO 1, CLO 5

Bankruptcy is a legal proceeding involving a person or business that is unable to repay their outstanding debts. Bankruptcy allows individuals or businesses freedom from their debts, while simultaneously providing creditors an opportunity for repayment. Bankruptcy is handled in federal courts, and rules are outlined in the U.S. Bankruptcy Code. Bankruptcy can allow an individual a fresh start, but it will stay on one’s credit reports for a number of years and make it difficult to borrow in the future. In a 4-6 page paper, address the following:

What are the major types of bankruptcy?

Explain the basic purposes and procedures of each major type of bankruptcy?

Discuss what happens to a debtor’s assets and liabilities during bankruptcy?

What debts are not dischargeable in bankruptcy?

What recommendation should be made to a creditor  to protect itself from a debtor filing bankruptcy?

What are the consequences of filing bankruptcy?

Finally, give examples of notable companies that filed bankruptcy and discuss what happened to those companies?

Make sure you have at least six (6) peer-reviewed sources