The United States has some of the most lenient bankruptcy laws in the world toward debtors (at least for business-owning debtors). Do you think this

The United States has some of the most lenient bankruptcy laws in the world toward debtors (at least for business-owning debtors). Do you think this is a good system? Why or why not? Steve owns a car. He decides that he needs a loan in order to improve his house, so he goes to Liv. He agrees to give Liv a security interest in the car in exchange for $4,000. Two weeks later he decides that he needs more money. He goes to Dane. He gives Dane a security interest in the car in exchange for $10,000. Dane files a financing statement to perfect the interest. A week after that Liv does the same. Eventually, Steve defaults in his payments. The car is reposed, and it is sold for $3,000. How much money will Dane receive? How much money will Liv receive? Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must be identified in the paper and listed on a reference page.Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must come from sources such as, scholarly journals found in EBSCOhost, online newspapers such as The Wall Street Journal, government websites, etc.  Sources such as Wikis, Yahoo Answers, eHow, etc. are not acceptable. A detailed explanation of how to cite a source using APA can be found here ( ). Download an example

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