Use the Cybrary or other online resources to help answer the following questions:
Is the International Court of Justice the first world court?
What are the procedures of the World Court? Are they similar to any US court?
What is an advisory opinion?
My friend is in a series of big problems. She can’t make her payments on time. The advice I would give her is to number avoid bankruptcy if possible because it goes into your credit file. Some auto dealers will not even accept anyone who has a divorce or bankruptcy note in their credit file. I would say, get with a debt consolidation agency to resolve all the debts at once without referring to bankruptcy. Chapter 7 bankruptcy which is better known as straight bankruptcy is where people who are in debt would distinguish all their debts while keeping ownership of some of the things they own and having a fresh start. It does get rid of all your credit problems but at the same time it creates a new note in your file to where certain creditors wont acknowledge you because you have a bankruptcy in your credit report. In the Chapter 7 bankruptcy, you will have to relinquish all the things you bought with credit cards but with limitations. The court can’t make you give up things you bought with credit cards as means for you surviving. If you bought any food with it, the court by law can’t make you give up your food. But at the same time when getting the bankruptcy, you are setting up a fresh new financial start. So, I would tell my friend to avoid it at all costs if she can. She would have to pay court costs and attorney fees as well to be granted bankruptcy. I would simply just tell her to get with a debt consolidation agency to work out monthly payment plans so that one monthly payment would take care of a monthly debt with all the creditors at once for that month. Once the person files for bankruptcy he or she is protected from having debts collected from the creditors unless they get permission from the court. In other words, the creditors would not be allowed to get payments from the person in debt unless they get the ok from the court (All Business, 1999-2010).
With the Chapter 13 bankruptcy which is also known as the wage earner plan, you will be mandated to make a payment plan to pay off your debts. Then you will have to deal with a trustee if one is approved by the legal system. The trustee will be required to take your payments and distribute them to the creditors and watch over to make sure you are complying with the payment plan. The debt consolidation agencies that are out there pretty much do the same thing, the only difference is they do not watch over to make sure you are complying. The wage earner plan is where you go before a bankruptcy court and file a chapter 13 bankruptcy. The person who owes the debt will ask for a repayment solution that will be looked over by the bankruptcy court and if this payment plan is agreed by the court, then a trustee will be called upon to make sure that the person who owes the debt follows the plan. The trustee will collect the money and watch over the person’s personal finances and give the funds out to the companies that the person in debt owes the money to. It is kind of like going through a debt collection agency. The person in debt will be asked to pay the trustee fee. The only way a dismissal of this is allowed is if the person in debt somehow gets back on their feet financially and can pay the payments all at once. This can only happen if this is done before it is too late. Someone can ask for this if they wish ask for time to sell certain items in order to get the money they need to make the payments in full before a foreclosure or bankruptcy is resolved. Now, during the wages of earning process the person in debt must come up with a payment plan for the debts that they owe. If the court agrees to this, then a trustee will be called upon to get the payments and distribute them to the people that the person in debt owes money to. The trustee will also be required to watch over the person in debt and make sure that the person in debt follows the plan and sticks with the plan. Now, just like the chapter 7 bankruptcy, the chapter 13 (wages of earning), the people that the money is owed to is not allowed to collect any payments unless they get approval from the bankruptcy court. The difference between the two bankruptcy types is the fact with the chapter 7, you don’t get a trustee and with the chapter 13, you do get a trustee, if the repayment plan is approved by the court of bankruptcy (Aaron Larson, 2002-2006). These are the two options here that I would recommend to my friend if selling things to get money to pay the debts is not sufficient enough to take care of the mess that she is in.