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EZ Loans, Inc. issues a line of credit in Glade Electronics Corporation under a security...

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Accounting

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EZ Loans, Inc. issues a line of credit in Glade Electronics Corporation under a security agreement for Glade's inventory in televisions. Glade Electronics fails to pay according to the security agreement. EZ Loans is allowed to break into Glade Electronics and take the televisions EZ Loans is allowed to trespass on Glade's property and take televisions from a Glade delivery truck. EZ Loans is allowed to file a lawsuit and seek a judgment against Glade. Renee files a petition for a Chapter 7 Liquidation bankruptcy. As soon as the files the petition, the automatic stay begins. This means that Renee must stay in the state she lives in and cannot cross any state border. Renee posto a bond to cover the costs of the proceedings Renee's creditors must refrain from collecting her debts. the trustee collects and distributes the property of Renee's estate

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