The Legal Environment of Business: Text and Cases
10th Edition
ISBN: 9781337535878
Author: Frank B. Cross; Roger LeRoy Miller
Publisher: Cengage Learning US
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Chapter 15, Problem 5BCP
Summary Introduction
Case summary: Person JT and person JC got married. They bought a home with a loan which was secured by a mortgage. Later they took out the second mortgage. On their divorce, the decree passed by the court required person JC to pay the first mortgage and person JT and JC to make equal payments on the second mortgage. The decree provides that JC would receive all the proceeds on the sale of the home. JC learned that the company auto now had a lien on a home because JT had not made a payment on his car. JC used all the sale proceeds to pay off the lien and mortgages. JT filed a petition for chapter-13 bankruptcy.
To explain: The discharge of the debts under the bankruptcy code.
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The Legal Environment of Business: Text and Cases
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