Go to this textâ€™s Web site at www.cengage.com/ blaw/clarkson and select â€œChapter 30.â€ Click on â€œVideo Questionsâ€ and view the video titled Field of Dreams. Then answer the following questions.
(a) Before this scene, the movie makes clear that Ray (Kevin Costner) is unable to pay his bills, but he has not fi led a voluntary petition for bankruptcy. What would be required for Rayâ€™s creditors to force him into an involuntary bankruptcy?
(b) If Ray did fi le a voluntary petition for a Chapter 7 bankruptcy, what exemptions might protect him from â€œlosing everythingâ€ and being evicted as the man indicated in this scene? How much equity in the farm home could Ray claim as exempt if he fi led the petition?
(c) What are the requirements for Ray to qualify as a family farmer under Chapter 12 of the Bankruptcy Code? (d) How would the results of a Chapter 12 bankruptcy differ from those of a Chapter 7 bankruptcy for Ray?