The certainty effect is where people focus more on their perceptions of certainty rather than the actual probable value. This partly occurs because people generally have a hard time understanding the difference between statistical values (...
law and economics
Chapter 11 bankruptcy
Chapter 11 bankruptcy is the formal process that allows debtors and creditors to resolve the problem of the debtor’s financial shortcomings through a reorganization plan; see Tamir v. United States Trustee. Accordingly, the central goal of...
Chapter 12 bankruptcy
In 1986, Congress enacted chapter 12 of the Bankruptcy Code to allow farmer debtors with regular annual income to achieve debt relief. Accordingly, chapter 12 bankruptcy provides relief to debtors who qualify as family farmers and family...
Chapter 13 bankruptcy
In general, insolvent individuals have the choice of either a chapter 7 or chapter 13 bankruptcy, each governed by the United States Bankruptcy Code. Chapter 13 of the Bankruptcy Code is titled "Adjustment of Debts of an Individual with...
Chapter 13 plan
Chapter 13 of the United States Bankruptcy Code allows individuals with regular income to develop a plan to repay some or all of their debts. Debtors are required under this chapter to propose a repayment plan to make installment payments...
Chapter 7 bankruptcy
Overview
When a debtor becomes insolvent and the bankruptcy proceeding begins, the debtor will either liquidate its assets or reorganize its debts. The liquidation route is governed by Chapter 7 of the Bankruptcy Code.
In a...
Chapter 9 bankruptcy
Chapter 9 of the U.S. Bankruptcy Code provides a legal remedy for insolvent municipalities to "provide adequate municipal services" to residents (In re City of Detroit). Specifically, the provisions permit municipalities to file for...
charitable contribution
Charitable contributions are donations of money or other resources to a 501(c)(3) charitable organization such as environmental advocacy groups or food banks. The key characteristic of these contributions is that they can be deducted from an...
charitable lead trust
Charitable lead trusts allow individuals to set-up trusts where some of the income goes to a charity, but when the trust ends, the assets do not go to the charity. The way these trusts operate is 1) the grantor sets up the trust for a...
charitable organization
A charitable organization is a nonprofit organization that seeks to advance some public benefit. Public benefit includes a broad range of areas such as education, poverty alleviation, scientific research, environment, diversity, religion, and...