Problem:
The law firm is very concerned that the client would not be able to pay any judgment levied against it by the courts in a civil tort case. Due to recent robberies and legal troubles with the client, your company is worried that the client may have to file bankruptcy. The client has just over $400,000 in debt and is not incorporated. Your committee has been tasked with putting together a report on the following issues:
Can the client file bankruptcy? Explain.
What are the benefits and the negatives of the client filing bankruptcy?
If the client is a partnership, how does this affect what type of bankruptcy it may file?
Make sure to discuss any applicable statutes or case law in your state or country. Due to the seriousness of this matter, take the project a step further. Go to the discussion board and suggest additional information or improvements for at least two of the presentations.