Business Law

The year 2008 brought about a financial collapse in the United States that impacted citizens and caused an increase in foreclosures and bankruptcy filings. In 2009, your neighbor, Freddy is considering filing for bankruptcy after he lost his job and was unable to make the payments on his home. Freddy is appealing to you for your advice. He doesn’t even know what bankruptcy is. Sit down with Freddy and discuss the following:

1. Exactly what is bankruptcy and what are the options available to him in view of his situation.
2. What does Freddy have to expect in court. What kind of relief is available to him and what can he expect from the judge.
3. Does Freddy need a lawyer and if so what can the lawyer do for him or can he handle this whole situation himself?

In your own words, post a substantive response to the Discussion Board question(s) and comment on other postings. Your response should address the DB question(s) and move the conversation forward. You will be graded on the quality of your postings, including mastery of the concept as well as critical thinking. If asked for your opinion, do not simply state that it is a good or bad idea; elaborate on your reasons and argument. Include enough detail to substantiate your thinking as well as your position on the questions or comments.

For assistance with your assignment, please use your text, Web resources, and all course materials.