Book Opener

In each case that follows, you be the judge.24. Discharging LoansLisa and William Leeper filed a Chapter 13 bankruptcy petition. One of the debts they listed wasan amount owed to attend college under a guaranteed student loan program. Will the loan toattend college be discharged by the court? Why or why not?Leeper v. Pennsylvania Higher Education Assistance Agency, 94-3372 & 94-3373, U.S. Courtof Appeals (3rd Cir.).25. Truth in LendingStewart and Marjory Selmans applied to the Manor Mortgage Company for a loan of $23,000to be used for personal purposes. They were told that if they incorporated, they would begiven a loan. Under Michigan law, money could be loaned to corporations at a higher rateof interest. The Selmans formed a corporation, received the loan, and then dissolved thecorporation. Does the transaction fall within the Truth in Lending Act? Why or why not?Selman v. Manor Mortgage Co., 551 F.Supp. 345 (MI).Teach OthersYou and a group of friends have decided to createa program that could be offered to high schoolstudents. This program would help students learnabout the issues and laws surrounding the useof credit.ConnectUsing a variety of search engines, locateinformation that could be used in your program.Be sure to include the following information:26. How to use credit wisely27. How to recognize potential credit problems28. How the credit protection laws work29. Why bankruptcy is a last resort measure30. Predict How would life in the UnitedStates be different if there were no credit?31. Connect Do you have a credit card? If so,what do you use it for? If not, when do youthink you will get one, and what will youuse it for?32. Question How does knowing about thecredit protection laws make you a smarterconsumer?33. Respond Why are bankruptcy lawsnecessary? Why do you believe that thebankruptcy laws in the United States donot include the possibility of incarcerationin a debtor’s prison?Chapter 22: Borrowing Money and Buying on Credit 503