Free Essays on Business Bankruptcy

Bankruptcy Bankruptcy is defined in our text as â€Å"when a business is unable to pay its debts as they come due.† (Daft 778) Small business owners never start their businesses with the intention of failing, however statistics show that in all likelihood they will not be successful. This fact reveals the importance of understanding bankruptcy even before a new business is formed. Small business owners who understand the bankruptcy law are better equipped when their business does not succeed, allowing them to minimize lose both professionally and privately. Prior to the Bankruptcy Reform Act of 1978, debtors had few rights; their debt often resulted in imprisonment or involuntary servitude. When Congress passed the bill in 1978, debtors where awarded many rights including the right to petition for bankruptcy under federal law. This revised law has a two-fold purpose, first to protect debtors who have over extended themselves and secondly, to distribute the debtors assets evenly to the cr editors. The Bankruptcy Act of 1978 allows failed business owners to cut their loses and continue in new pursuits, making a file for bankruptcy a strategic business decision. Small businesses normally file under three chapters including chapters 7, 11, and 13. Chapter 7 deals with liquidations, Chapter 11 allows for reorganization, and Chapter 13 provides the debtor with individual repayment plans. Chapter 7 is also known as straight or ordinary bankruptcy, and accounts for the majority of all filings, seventy percent. The process starts with the debtor voluntarily filing Chapter 7 and then declaring all debts, or creditors forcing an involuntary petition. All of the debtor’s assets are then transferred to a trustee who sells the assets and distributes their proceeds to creditors, hence the term liquidation bankruptcy. All debts totaling more than the money given is then counted as losses by the creditor no longer considered the debtor’s responsibil... Free Essays on Business Bankruptcy Free Essays on Business Bankruptcy Bankruptcy Bankruptcy is defined in our text as â€Å"when a business is unable to pay its debts as they come due.† (Daft 778) Small business owners never start their businesses with the intention of failing, however statistics show that in all likelihood they will not be successful. This fact reveals the importance of understanding bankruptcy even before a new business is formed. Small business owners who understand the bankruptcy law are better equipped when their business does not succeed, allowing them to minimize lose both professionally and privately. Prior to the Bankruptcy Reform Act of 1978, debtors had few rights; their debt often resulted in imprisonment or involuntary servitude. When Congress passed the bill in 1978, debtors where awarded many rights including the right to petition for bankruptcy under federal law. This revised law has a two-fold purpose, first to protect debtors who have over extended themselves and secondly, to distribute the debtors assets evenly to the cr editors. The Bankruptcy Act of 1978 allows failed business owners to cut their loses and continue in new pursuits, making a file for bankruptcy a strategic business decision. Small businesses normally file under three chapters including chapters 7, 11, and 13. Chapter 7 deals with liquidations, Chapter 11 allows for reorganization, and Chapter 13 provides the debtor with individual repayment plans. Chapter 7 is also known as straight or ordinary bankruptcy, and accounts for the majority of all filings, seventy percent. The process starts with the debtor voluntarily filing Chapter 7 and then declaring all debts, or creditors forcing an involuntary petition. All of the debtor’s assets are then transferred to a trustee who sells the assets and distributes their proceeds to creditors, hence the term liquidation bankruptcy. All debts totaling more than the money given is then counted as losses by the creditor no longer considered the debtor’s responsibil...

Race Riots During the Red Summer of 1919

Race Riots During the Red Summer of 1919 The Red Summer of 1919 refers to a series of race riots that took place between May and October of that year. Although riots occurred in more than thirty cities throughout the U.S., the bloodiest events were in Chicago, Washington D.C., and Elaine, Arkansas. Causes of the Red Summer Race Riots Several factors came into play precipitating the riots. Labor Shortages: Industrial cities in the North and Midwest profited greatly from World War I. Yet, the factories also encountered serious labor shortages because white men were enlisting in World War I and the United States government halted immigration from Europe.The Great Migration: To fulfill these job shortages, at least 500,000 African-Americans moved from the South to Northern and Midwestern cities. African-Americans were also leaving the South to escape Jim Crow laws, segregated schools, and lack of job opportunities.Racial Strife: Working class white workers in Northern and Midwestern cities resented the presence of African-Americans, who were now competition for employment. Riots Erupt in Cities Throughout the South The first act of violence took place in Charleston, South Carolina, in May. For the next six months, riots occurred in small Southern towns such as Sylvester, Georgia and Hobson City, Alabama as well as larger northern cities such as Scranton, Pennsylvania, and Syracuse, New York.  The largest riots, however, took place in Washington D.C., Chicago, and Elaine, Arkansas. Washington DC Riots Between Whites and Blacks On July 19, white men initiated a riot after hearing that a black man had been accused of rape. The men beat random African-Americans, pulling them off of streetcars and beating street pedestrians.  African-Americans fought back after local police refused to intervene. For four days, African-American and white residents fought. By July 23, four whites and two African-Americans were killed in the riots. In addition, an estimated 50 people were seriously injured. The D.C. riots were especially significant because it was one of the only instances when African-Americans aggressively fought back against whites. Whites Destroy Black Homes and Businesses in Chicago The most violent of all the race riots began on July 27. A young black man visiting Lake Michigan beaches accidentally swam on the South Side, which was frequented by whites. As a result, he was stoned and drowned. After the police refused to arrest the young mans attackers, violence ensued. For 13 days, white rioters destroyed the homes and businesses of African-Americans. By the end of the riot, an estimated 1,000 African-American families were homeless, over 500 were injured and 50 people were killed. Arkansas Riot by Whites Against Sharecroppers One of the last but most intense of all the race riots began on October 1 after whites tried to disband the organization efforts of African-American sharecropper organizations. Sharecroppers were meeting to organize a union so that they could express their concerns to local planters. However, the planters  opposed the workers organization and attacked African-American farmers. During the riot in Elaine, Arkansas, an estimated 100 African-Americans and five whites were killed.