law and economics

The certainty effect is where people focus more on their perceptions of certainty rather than the actual probable value. This partly occurs because people generally have a hard time understanding the difference between statistical values (such as 70% vs. 80%). As such, people will generally respond more positively when dealing with “absolutes” regardless of the situation. Likewise, reducing the probability when the outcome was initially certain will have more impact than if it was only likely (so, 100% to 90% vs. 50% to 40%). 

Chapter 11 bankruptcy is the formal process that allows debtors and creditors to resolve the problem of the debtor’s financial shortcomings through a reorganization plan; see Tamir v.

In 1986, Congress enacted chapter 12 of the Bankruptcy Code to allow farmer debtors with regular annual income to achieve debt relief.

In general, insolvent individuals have the choice of either a chapter 7 or chapter 13 bankruptcy, each governed by the United States Bankruptcy Code. Chapter 13 of the Bankruptcy Code is titled "Adjustment of Debts of an Individual with Regular Income" and, if available to the

Chapter 13 of the United States Bankruptcy Code allows individuals with regular income to develop a plan to repay some or all of their debts.

Overview

When a debtor becomes insolvent and the bankruptcy proceeding begins, the debtor will either

Chapter 9 of the U.S. Bankruptcy Code provides a legal remedy for insolvent municipalities to "provide adequate municipal services" to residents (In re City of Detroit).

Charitable contributions are donations of money or other resources to a 501(c)(3) charitable organization such as environmental advocacy groups or food banks. The key characteristic of these contributions is that they can be deducted from an individual’s taxes unlike donations to other organizations like political action committees (PACs). 

Charitable lead trusts allow individuals to set-up trusts where some of the income goes to a charity, but when the trust ends, the assets do not go to the charity.

• trust

A charitable organization is a nonprofit organization that seeks to advance some public benefit.