HELP! I need to write a huge paper on this..any insight would be appreciated!

Accountants are frequently faced with situations where they must make critical decisions that will affect many people. Having a plan for how to analyze these situations will help you to make better decisions.
The first step is to recognize that you are faced with a situation where there are ethical issues involved. For this, you have to rely on your own ethical compass as well as standards and statements from professional organizations and from your employer. In this particular situation, you already know that the issue presented involves an ethical dilemma.

To continue your analysis, identify the stakeholders — those who have an interest in the outcome of the decision. Put yourself in their situation and try to understand their perspective. What are the ethical perspectives of each major stakeholder? What codes of conduct apply? What laws apply?

Once you understand the responsibilities and obligations of each stakeholder, analyze the various alternative choices available. What are the consequences of each alternative? Now choose the best from among the alternatives you identified.

Here is the situation I would like you to analyze. This is a true story.

"A Chief Executive Officer (CEO) of a million company that repairs aircraft engines received notice from a number of its customers that engines that it had recently repaired had failed, and that the company’s parts were to blame. The CEO had not yet determined whether his company’s parts were, in fact, the cause of the problem. The Federal Aviation Administration (FAA) had been notified and was investigating the matter.

What complicated the situation was that the company was in the midst of its year-end audit. As part of the audit, the CEO was required to sign a letter saying that he was not aware of any significant outstanding circumstances that could negatively impact the company — in accounting terms, of any contingent liabilities. The auditor was not aware of the customer complaints or the FAA investigation.

The company relied heavily on short-term loans from eight banks. The CEO feared that if these lenders learned of the situation, they would pull their loans. The loss of these loans would force the company into bankruptcy, leaving hundreds of people without jobs. Prior to this problem, the company had a stellar performance record."

Write a paper analyzing this ethical situation according to the model described above. When you list the alternative choices and their consequences, be sure to include both possible outcomes of the FAA investigation — whether the company was responsible, or whether the company was not at fault.

A lot of people, I know are in this situation. What does one do, file bankruptcy 13. that is my alternative, I am only 60 days behind. Just went back to work. I need guidance.

My husband and I have just lost our jobs and we own 3 properties that are not worth what is owed on them. We have great credit scores but cannot get the banks to talk to us about alternatives to keeping the properties at a reduced payment or sellling on short sale. We have to ruin our credit first and then they might talk to us… We have have the properties on the market but cannot sell without going to the table with large amounts of cash.
If these properties foreclose or we go into bankruptcy.. Can the creditors attach or take our retirement savings to satisfy debt?
thanks for your help..

I owe .000 dollars to two different private lenders. Times are tough at the moment were I had not been able to get a job. I had been searching for a job for the last 2 years and have not gotten any results yet. Moreover, the lender have send my case to collections. The collections people at least, calls me twice a day demanding their pay. I try talking to them to reason, but they just keep calling and calling.

Honestly, for the last year I had not been able to have a decent sleep. I am only 28 years old but I looked 50. Im getting gray hair, and my eyes are tired.
I am embarrass to say it, but I do not know how to use a credit card.
I had never had credit cards or rely on any other type of credit except my bank debit card. I do not owe a house, nor I have plan to buy one soon. I just want to start from zero. The pressure is grater now, hence lately I had been thinking of suicide as the last alternative. Almost all my family knnows about my debts, and they see me as a loser. I do not want to feel like that. I come from a background where we do not rely on therapist for our problems, or any type of sitiuatios, we just deal with them.
I know credit card is our a mayor benefactor for the individual, but at my 28 I had never had the use for it and yet, I had travel to Europe and the Americas.
What should I do? I am tired, sad, and been having this morbid ideas of ending my problems.
Any help would be grateful.

I am looking for an unsecured personal loan between ,000 and ,000–but I have past bankruptcy and a low credit score. I have researched and only found the same companies that keep turning me down or companies that want a fee to help me find a loan. Are there other alternatives to these? NEED HELP PLEASE!!!!
This loan is for an expansion on my business, and I have heard of prosper.com– just recently and I have joined. However, it looks like people with with a grade of E and the amount I am needing for my business may not get filled.

I also have only applied for 2 personal loans in the past 3 months. I do know how credit works and have managed to raise my score by 100 points, but this is something that does take time.

Unfortunately I am losing money without the money I need for an expansion, so I don’t have time.

http://www.mises.org/story/1396

I’m hoping to get some honest answers from either those who have gone through the process, or those who work in finances. And yes, I plan to speak with a professional advisor, but want to get some opinions first. I live in Canada.

Over the past few years, I’ve had some health issues that have made it impossible to work steadily, and I’ve built up way too much debt because of it. I (always) pay my credit cards on time, but I’m only paying the minimum, so the debts aren’t going down at all, plus the payments are made from my overdraft…and recently, I was injured at work and now only make just over half my regular income, so it’s even harder to pay the bills. I don’t know what the best option is for me because my partner and I wish to buy a home in the future but I’ve been set back quite a bit and don’t know where to start. Any suggestions would be appreciated.

I ran out of cash meeting uninsured broken arm surgury, then started using credit cards. Did the low rate transfers and all that stuff. Now back to work, but could not make payments last few months. Hounded by their phone calls all the time. Have not answered their calls. But I am now working again and can start making payments. I am ready to contact the credit card companys. Before I do, I would welcome any advise (or benefactors, Ha,Ha). Totally, by rough calculations I owe about ,000.
As an after thought, I am aware there were changes in the bankruptcy laws but do not know the specifics. Is bankruptcy a good option. Basically I have zero assets, no real property.

In closing, who is a reputable debt consolidation company, is bankruptcy a viable alternative, or is their an an alternative I do not know of? Thank you for your advise.

P.S.
Spend for a non-slip pad for your bathtub. Money well spent !

i couple of years back i brought a car that i couldnt afford. i returned the car a voluntary repo and that is on my credit. The Lender now wants to garnish my wages to pay back the loan. I do not want to file bankruptcy I would like to know if there are any alternatives to help me with this debt and the other things on my report because now i’m a position where I have enough money to repair and repay the thingson my credit.

I just got off the phone with a good friend of mine, he was repeatedly asking me the question "should i file bankruptcy"?

He and his wife owe about 0K in credit cards. The both of them originally held great well-paying jobs which they lost due to the economy and recent cost-cutting by their companies.

They were intending to repay the debt but as a result of their job loss, their current employment which is only paying a fraction of their original income is significantly not enough. They are being hounded frequently by creditors as well. I’m unsure what is the best option for him.

I am hoping i will be able to answer his question "should i file bankruptcy" in a assured manner to calm his nerves down. Is it the only option with regards to this issue of his? Any alternatives?

a.firms with alternative tax shields will benefit less from leverage
b.firms with lower marginal tax rates will benefit less from higher financial leverage.
c.the capital structure that minimizes WACC will also maximize the value of the firm.
d.direct bankruptcy costs and agency costs are among the disadvantages of debt financing.
e.other things equal, firms with tangible assets tend to borrow less.

plz help

I currently live in a rented house, and am drowning in debt…..
A long story, but I have just been rejected for an IVA and have no alternative but to go bankrupt.
The debt is in excess of £20K.
I live with my partner, so am hoping a lot of things will count as joint assets, but I am a wreck at the moment wondering what, if anything, will be taken to pay my creditors.
I have a car, worth about £600, a stereo,a good cd collection, a computer, tools (i used to have an exhibition company, but I don’t put much value on the tools), and all the usual things in a house, including a sauna (which perhaps is not).
Nothing individually is worth more than £1000.
Can anyone enlighten me, or is it once again time to consider taking the cowards way out?
Thank You for your answers.
Edit.
That link is an amazing video – Many Thanks for the eye openers…..
Whilst I still have tears in my eyes, I understand more than ever about corruption and malpractice.

This may be a dirtball question, but here goes; we are filing for ch. 7 because of excessive debt and cannot afford the expenses of our present home. We are current on our mortgage and our bills as of today, but in no way can keep it up (borrowing from Peter to pay Paul basically), we will need to find alternative housing(renting) and incur moving expenses and have no savings or cash on hand to do so, my question is, is it so horrible to stop paying crediters and our mortgage and just let it all go if we are going into ch. 7 anyway? And use the monies saved to pay for moving and renting expenses ?Our home has no equity and we are well aware that our credit will be devastated for a 10 year period. Sadly, we really do need to start from scratch or a clear plate due to poor judgement and unforseen circumstances. We are hiring a lawyer for the filing process, but have many unanswered questions that we are a bit embarressed to ask him, such as the one above. Thank you for your insight.

I got laid off, can’t afford to pay an attorney 00 to do my bankruptcy. Can anyone recommend any alternatives? Please no bill consolidations…..

I’m getting sued, and I have decided that Bankruptcy is my best option. I am considering Legal Aid because I have very little money. Is this my best alternative to going it all by myself?

A chapter 13 bk is likely in my future. I’m looking for some real world pros and cons about this scenario:

I’m in chap 13 and making my payments, and I see a 00 auto repair coming at me. Would the trustee let me slide on 00 worth of payments to take care of the critical auto need ? IE, how do judges handle unanticipated expenses that happen while you’re in chapter 13 ?

The other alternative that I see is – stop paying my mortgage and bank those funds. Hire the bk attorney, get it all ready to file, then sit on it. Keep ignoring the mortgage and accumulate some cash until the foreclosure sale is imminent, THEN have my attorney file the chapter 13 to stop the foreclosure and add the mortgage arrears into the payment plan. This gives me a cash cushion to handle the surprise expenses.

Comments please ?

I would like to hear from people who have actually filed. What happened? What is the process? Are you happy with your decision? Stress relieved?
I am so in debt and credit card companies keep raising the interest rate. I cannot get ahead. I don’t see another alternative.
Please – only people who’ve actually filed. Thank you!
Any information is appreciated.

Has anyone ever used this? I have quite a heavy load of debt and want to consolidate to reduce fees, etc. Has anyone ever heard of these guys:
APEX FINANCIAL SERVICES
DEBT SETTLEMENT PROGRAM
Smart, easy and proven alternative to bankruptcy!
Debt Settlement REDUCES your debt by as much as 40% to 75%!
You could be debt free in as little as 12-36 months.
Our negotiators have settled millions in consumer debt.

Please let me know if you’ve had any experience or have any advice. I have about 5 revolving credit lines (including car insurance, etc.) and want to consolidate all to one account, or use the service I mentioned above. Any advice is appreciated!

I’ve had a bankruptcy due to being off work for an extended time because of health issues, now I’m returning to work. I’m interested in purchasing another home, but 1 my bankrupcy obviously 2. I want something that is less upkeep, and I think this would be more reasonable. However I live in tornado alley, my friend said they have tie downs and things they can do to secure things now.

Recommendations please.

I have completed all my back tax returns but have not yet filed them (2005-2008) and have come up with a tax owed of around ,000 which will surely be at least -,000 by the time penalty and interest are added in. My 2004 returns shows me owing ,000 and the IRS has already started the levy process against my personal income last week but made an error on the form so I have dodged a bullet until they get it corrected.

I spoke with the IRS this morning and told them how much my gross and taxes were for the 4 years I haven’t filed and they have asked me to fill out a collection information statement form 433F and have given me until Monday to call them back and give them the info on the phone.

Due to some huge unpaid medical bills, my debts outweigh my assets by at least 3 to 1 (assets ,000, debts including ,000 tax are around 0,000).

I have around ,000 cash saved, and ,000 equity in my house but cant find a lender because my credit is terrible.

Any suggestions? Will the IRS be able to give me an installment plan or could I opt for an offer in compromise? Or is bankruptcy an alternative?

I have never been in such a poor financial condition in my life.

Thanks.
Can I possibly do and offer in compromise? I realize now that federal taxes can not be discharged in a bankruptcy. Can the IRS do an installment agreement for ,000 or is the maximum ,000?
Thanks for all the advice but please get off your pulpits. Facts only please, no criticism. I know the situation I am in and how i got here. You dont need to remind me and/or accuse me. I just came here for answers. So lets stick to the answers people.
Any answers about the possibility of Offer In Compromise?
Can I do an installment contract for ,000 if I can pay it within 3 years?
AFTER I FILE ALL RETURNS DUE AND OWE ,000, CAN I GET AN INSTALLMENT AGREEMENT? IS IT POSSIBLE?