There are many laws regarding business bankruptcy and they are differentiated according to chapters. The most popular is Chapter 7 of the bankruptcy code of the United States constitution. Most people file Chapter 7 because of its relative ease to achieve approval compared to the other chapters, such as Chapter 13. It is easier to be approved after filing Chapter 7 bankruptcy because it offers a greater chance for the creditors to recover part, if not all, of their debts within the shortest time possible. In this chapter, the debtor might agree to surrender any valuable possessions he might have to have them sold to pay some of the debt.

If, for example, the business owns some real estate, cars, or other valuable items, they might be sold and the proceeds shared among the creditors. In exchange, all the debt is wiped off and the debtor can start anew, although the state of bankruptcy can last up to 10 years according to the suit. This might be too harsh for some businesses that might not want to sell off their property to pay debts. Therefore, they might prefer to file Chapter 13 of the bankruptcy code. Chapter 13 is suitable for businesses that are experiencing financial problems due to a temporary setback, and which have the ability to pay their debts once the situation has been resolved.

Other laws relating to business bankruptcy include chapters 11 and 12. Chapter 11 is more similar to Chapter 13 as it allows for reorganization of the company until it is stable enough to operate again and pay its debts. Chapter 12 mostly deals with farming fishing families and offers reprieve due to the tightened laws on agricultural produce. Before filing for a voluntary bankruptcy petition, the business owners must consider all the options available as well as the pros and cons of being declared bankrupt.

While bankruptcy might provide temporary relief from creditors who might be demanding payment of their debts, it exposes the business to financial isolation and discrimination. Financial institutions might fear lending money to the business and the business might collapse without extra capital injected into it. Other businesses might as well refuse to provide their goods on credit to a bankrupt company. The negative reputation will eventually get to the consumers who might shun purchasing the company’s products. Unfortunately, bankruptcy negatively affects one’s credit report that can last for several years.

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Once you are notified of your bankruptcy, unsecured creditors will be requested to stop any activities regarding your payment of debts. During this time an appointed trustee handles any issues pertaining to the debtor like the sale of assets, secure any contributions from you if necessary, carry out investigation regarding the debtor’s finances. It is ideal for a debtor to be counseled before filing a petition. On completion of the counseling, the debtor will receive a certificate of completion. The debtor or consumer fills in a bankruptcy form referred to as a bankruptcy petition.Once this happens, the automatic stay is affected and any contact between the two parties stops. The creditor will not make any demands, or give any notices.

At this point, the debtor must indicate his average income for a period of 6 months commonly called median income which if below means test, will file Chapter 7 bankruptcy and if mean test is above then will file chapter 13 bankruptcy. Liquidation is a Chapter 7 bankruptcy. The debtor can retain some property which is referred to as exempt property. Any unsecured property is sold by the trustee to pay debts. After filing, seven months later, the debtor attends a 341 meeting. This meeting allows the creditor an opportunity to question. Many creditors do not attend such meetings as they take a very short time and in any case can do nothing to stop the bankruptcy.

The debtor receives a discharge after budget counseling. There are many debts that are eliminated by the discharge. What is special about Chapter 7 bankruptcy, some debts will be paid within a period of 3 to 5 years and the debtor keeps all his property. Once the repayment plan is formulated the creditors attend a creditors meeting. At this juncture the creditors can reject the repayment plan. The debtor has a confirmation hearing before a judge where his repayment plan is presented and approved. If not approved, it can be adjusted and another confirmation arranged.

During the bankruptcy period the debtor must keep the trustee posted about the contact address in case of any changes. All overseas travel must be certified by the trustee. Alteration income must be brought to the attention of the trustee for example additional income, gifts and acquisition of new property.

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The message of environmental awareness is certainly getting through about the impact global warming and associated climate change ius having on the planet. The environmental movement initially got the message across when it highlighted the impact of farming pesticides in the food chain, and now there is a plethora of information coming out, from food air miles and carbon footprints to a greater understanding of the value of natural systems.

Ordinary people have demonstrated they are prepared to make changes in their lives, even if for the most part, it’s only marginal sacrifices that are being made. It doesn’t really take that much to take your own bags to the shops or sort your rubbish in to different coloured bins for recycling. And, if everyone does this, (so the familiar refrain goes) it wil have a significant impact on waste reduction and plastic consumption.

While this way of thinking should be encouraged, one wonders how profound are the changes people are prepared to make in the name of environmental protection. Probably the biggest obstacle to this is the fact that people have to work hard to earn a living, in order to buy things that make life easier. In order to achieve progress and get ahead in their lives, humans constantly find ingenious ways to better their lot.

The challenge for the green movement lies in how effectively it is able to show people an alternative to lifestyles governed by consumption patterns that are damaging in terms of resource use and creation of waste.

There is a problem, however, lurking in the left of stage today: ‘green fatigue’. People believe they are making wise environmental choices in their lives but they’re being told it’s not enough. They are being hit with a guilt-trip by more strident members of the green movement. The danger is with this is that there might be back-lash by the very people who are doing the most to live a ‘greener’ lifestyle.

Reference Conservation: Green Fatigue