Jul 22, 2017

Response to Client Request II

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Response to Client Request II


Write a 200- to 250-words--Describe whether the client’s debt is forgiven if the mortgage is rewritten, or if their mortgage will be written if they file Chapter 11. How will the reporting on the financial statement be determined? Your client is being sued. You have asked the client’s lawyer about the possibility of losing the lawsuit. The client, meanwhile, has asked you to describe what would happen to his or her financial statements. The client has also informed you that by losing the lawsuit, he or she anticipates losing the mortgage and has started talking to a mortgage lender. The client wants to know if part of the debt is forgiven, or if the mortgage is rewritten, or if the mortgage will be rewritten if he or she files Chapter 11. The lawsuit also involves a patent held by the company. The company had acquired a hedge contract against the impairment of the patent. Aside from the recovery of the hedge, the client wants to know how the impairment of the patent will be reflected on the financial statements in the event of losing a lawsuit.

Response to Client Request IIStudent:Professor:Course title:Date:Response to Client Request IIThe mortgage will be rewritten if the client files Chapter 11.Chapter 11 basically allows a debtor to reorganize fiscal obligation whilst retaining assets by selling particular assets in order to pay down debt and re-finance the current debts. Chapter 11 is essentially an important tool which allows investors in real-estate to rewrite their mortgages (Smith, 2011). In this case, the mortgage would be rewritten if the client files Chapter 11. For instance, if the client owns a property that is valued at $45,000...

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