TAILIEUCHUNG - Nolo’s Encyclopedia of Everyday Law Phần 5

Trường hợp tất cả mọi thứ là xấu, nó phải được tốt để biết điều tồi tệ nhất. lll Nếu bạn nghiêm túc trong nợ nần, bạn có thể xem xét nộp đơn xin phá sản. | Y O U R M O N E Y Bankruptcy Where everything is bad it must be good to know the worst. -FRANCIS HERBERT BRADLEY If you are seriously in debt you might consider filing for bankruptcy. Here are some common questions and answers designed to help you understand the bankruptcy process and what bankruptcy can and cannot do for you. What exactly is bankruptcy Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcy s roots can be traced to the Bible. Deuteronomy 15 1-2 Every seventh year you shall practice remission of debts. This shall be the nature of the remission Every creditor shall remit the due that he claims from his neighbor he shall not dun his neighbor or kinsman. Aren t there different kinds of bankruptcy Yes. Bankruptcies can generally be described as liquidation or reorganization. Liquidation bankruptcy is called Chapter 7. Under Chapter 7 bankruptcy a consumer or business asks the bankruptcy court to wipe out discharge the debts owed. Certain debts cannot be discharged these are discussed below. In exchange for the discharge of debts the business assets or the consumer s nonexempt property are sold that is liquidated and the proceeds are used to pay off creditors. The property a consumer might lose is discussed below. In any reorganization bankruptcy you file a plan with the bankruptcy court proposing how you will repay your creditors. Some debts must be repaid in full others you pay only a percentage others aren t paid at all. Some debts you have to pay with interest some are paid at the beginning of your plan and some at the end. There are several types of reorganization bankruptcy. Consumers with secured debts under 871 550 and unsecured debts under 290 525 can file for Chapter 13. Family farmers can file for Chapter 12. Consumers with debts in excess of the Chapter 13 debt limits or businesses can file for Chapter 11 a complex .

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