Word: chapter
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There are two kinds of personal bankruptcy. Under chapter seven of the bankruptcy law, the court sells the debtor's assets, pays creditors as much as possible from the proceeds and cancels most remaining debts. However, federal law permits the debtor to keep certain assets for his own survival: up to a $7,500 equity in his house, for example, and up to a $1,200 interest in a car. The list of exemptions even includes up to $500 worth of jewelry. Some states are still more lenient; California allows the head of a household to keep...
Braniff took legal action under Chapter 11 of the federal bankruptcy laws. That meant that the airline's aircraft and other assets could not be seized by creditors and that time would be allowed for a reorganization plan to be set up and debt payments to be rescheduled. Braniff's planes are worth an estimated $400 million in the current depressed market for used aircraft, but of even greater value were its landing rights at a number of U.S. airports. Some of those, like the one at Chicago's O'Hare Airport, are worth $1 million...
...least theoretically, the Chapter 11 action meant that Braniff might once again fly after getting its affairs in order. Analysts, though, were highly doubtful that Braniff would ever be back in the air. Michael Derchin of First Boston, an investment banking firm, said he believed that the Chapter 11 proceeding was merely a prelude to eventual total bankruptcy...
Where no dreams appear to whet his analytical appetite, Edel proves to be a literary journalist of great skill. His chapter on Henry David Thoreau as Mamma's boy and great American freeloader is a model of concision and balance. So are his pieces on James Joyce as "injustice collector" and "unfinished genius," Tolstoy as a "prodigy of self-inhibitions" and "self-indulgence," Yeats as a hero of "creative aging," and T.S. Eliot as a successful battler against will-sapping depression...
...chapter on Edmund Wilson, "The Critic as Wound-Dresser," is overblown and a bit self-serving. Edel refers to the Greek myth of Philoctetes, a great archer who was banished because a septic injury offended the noses of his countrymen. Wilson himself read this as an allegory of the artist as outcast. As embellished by Edel, Wilson the critic is like Neoptolemus, son of Achilles, who endured the stench and nursed the archer. Wound-dresser is a limited and benign definition of a critic who laid open many a reputation with one stroke...