Chapter 11 and 13 Bankruptcy Information that Provide Temporary and Permanent Relief

Among all other goals of petitioners who file for bankruptcy, one thing is obvious; they want to earn a discharge of their debts and eliminate them completely. Unpaid debts pose a lot of dangers to petitioners. It can mean high finance cost, bad credit score and difficulty to gain approval for another loan. It can also mean repossession of vehicles, foreclosure of homes, factories and warehouses and wage garnishment. It can also mean law suits, eviction or disconnection of utility services.

However, Bankruptcy Laws Information would prove that all these things can be avoided, stopped temporarily with the automatic stay or dealt with permanently with a bankruptcy discharge. Unfortunately, all these things may continue to happen should a bankruptcy case be dismissed. It is necessary that petitioners, with the help of their bankruptcy lawyers, find a way to avoid dismissal of the case and obtain a discharge in the end to make sure the legal relief of bankruptcy is optimized.

Chapter 11 Bankruptcy petitioners as well as Chapter 13 Bankruptcy petitioners enjoy the immediate and temporary relief of the automatic stay that the law imposes. This simply means that creditors are stopped from making further collection efforts as the petitioners reorganize or repay their debts. This means that businesses can continue operations and individuals can pursue their careers or livelihoods without worrying about losing their properties. Co-signers in a Chapter 13 bankruptcy petition are also protected from creditors with the automatic stay.

However, permanent relief can be gained once a discharge is obtained. Chapter 11 petitioners can gain a discharge once the reorganization plan is confirmed while Chapter 13 Bankruptcy petitioners can only gain it once the repayment plan is completed. Nevertheless, it is equally important for Chapter 11 petitioners to complete their plan of reorganization to avoid dismissal of the case. Any party in interest in a Chapter 11 bankruptcy case can request for the dismissal of the case. Therefore, Chapter 11 petitioners should aim for plan completion as well to truly experience permanent relief from bankruptcy and eliminate all debts completely.

Is Leadership Intuition All Its Cracked Up to be?

Picture the self-confident leader taking and making difficult and “hairy “decisions in their stride. Their vast experience supporting their excellent judgment helping them navigate successfully in a volatile and ever changing business context. You will be familiar with the concept of biases swaying decision making. So do people with good judgment leaders we might like to call rational decision makers have fewer biases or are they more aware of them and can overcome them somehow?
Well not according to research by psychologist Daniel Kahneman who has been looking at decision making for the last 50 years. Kahneman believes that our judgments are as a result of something called “heuristic” or mental rules of thumb that provide us with rough and ready answers to our problems. So why might this be important well it seems we have a bias for the quick and casual explanation which might serve us well most of the time but in novel situations can and often does lead our thinking astray. It may be another brain attempt at increasing efficiency through hardwiring our thinking, something of great interest to learners and leadership developers alike.
Let me give you a simple example of different thinking in the form of a puzzle:
A baseball bat and ball cost $1.10. The Bat cost $1 more than the ball. How much does the ball cost?
Most people will answer 10c. But this is the wrong answer” a 10 c ball plus $1.10 bat comes to $1.20. To work out the answer we need to slow down override our hardwiring and engage our pre-frontal cortex in order to work it out. The answer if you are still sweating is 5c.
So to override our rules of thumb” we have to pay attention or have “focused attention” as the neuroscientists would call it. Kahneman distinguishes between 2 types of thinking the intuitive and the deliberate or of you like the fast and the slow.
The intuitive is fast, automatic and effortless and our thinking arises as feelings or fully fledged convictions. The Deliberate is slow and where we are in a conscious start paying attention and it where we deliberate reflect and think. Kahn labels the Slow deliberate way of thinking the “lazy controller” i.e. it can take control but usually doesnt and abides by the rule of least effort.
So what we consider to be rational thinking may not be what it appears our tendency to see patterns like faces in the mountains of Mars or are tendency to see causal relations in random events do question what reality is anyway?
Two things I take out of this. Firstly leaders need to be aware of the bias of their perceptions and ways of thinking so they can veto their intuition. This is in my view emerging as good leadership skills
Secondly leaders to be effective decision makers in changing times have to learn to be sceptical , learn when to take time to reflect, to weight up the evidence to not necessarily be seduced by everyone elses mental “rule of thumb” and have the confidence to back their deliberate judgement.
Graham Hart is a writer and long time practitioner in human development and writes for Leopard learning. if you are interested in learning more about brain based learning approaches then feel free to check out brain based learning