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Individual bankruptcy Essay

Over the years, the process of declaring bankruptcy is now incredibly simple. Because of this alter, the number of people declaring individual bankruptcy is at an all time high. Today, bankruptcy is a common factor among companies and people alike. The American personal bankruptcy law allows people to avoid paying their debts by offering the borrowers a release without a tough consequence. By simply not having repercussions for their actions, bankruptcy filers often program future bankruptcies, allowing them to steal even more money from credit card companies with no punishment. There are 13 different chapters in the personal bankruptcy system while using principal chapters being six, 11, and 13. You can only seek bankruptcy relief under these three chapters, the others are available to explain how the system functions. Under Phase 7, a person's debt are easily wiped away when under chapters 11 and 13, financial obligations are iced while the debtor figures out a method to repay them. The individuals filing Phase 7 happen to be stealing money from collectors who want to help them. It is one's meaningful duty for compensating his bills and you need to be disgraced and humiliated if they will borrowed funds they cannot payback. Over you, 400, 000 people submitted for individual bankruptcy in 1998 below Chapter six, Chapter 11, and Section 13. 74% of them were under Part 7, departing "retailers, lenders, and credit-card companies" with $40 billion in unpaid debts (Kopecki 5) (Pomykala 16). The utilization of different reforms could reduce the number of Section 7 filings and put responsibility back on the debtor. Declaring Chapter several bankruptcy is usually ethically and morally incorrect and through different reconstructs this current "right" will be considered a crime.

Bankruptcy was slowly altered through record from as being a crime determined by borrowers into a interpersonal welfare software. In the past, personal bankruptcy offenders had been severely reprimanded. "Before the mid-19th hundred years, bankruptcy was a crime" (Pomykala 16). There have been many ways to punish people who committed this kind of heinous work. The Philadelphia Bankruptcy Work of 1785 allowed the flogging of the offenders although their ear was nailed to a content and later on the ear canal was shut down. Similar to Hester Prynne's abuse of wearing a scarlet "A" on her chest for "adultery", people who fully commited the work of bankruptcy were "branded on the thumb with a "T" for "thief" (Pomykala 17). Various punishments like these offered as a alert to foreseeable future violators. W...

... uer, and Robin the boy wonder Leonard. Tips on how to File for SECTION 7

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< http://www.business.cch.com/banking/news/bankruptcy-pf%2Cjh.html>.

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Golf irons, John S., "Private Debt: Two Views on Debt. " About. com 12 Dec 2001

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Kopecki, Dawn, "More American Borrowers Turn to Chapters 7 & 13. (bankruptcy

legislation makes discharging debt easy). " Understanding on the News twenty-two Mar. 99.

Pearce, Steve A. II, Samuel A. DiLullo, "When a strategic prepare includes

bankruptcy. " Business Rayon Sept. -Oct. 1998.

Pomykala, Joseph S., "BANKRUPTCY LAWS: The Need for Reform. "

USA Today Nov. 1999

Pomykala, Frederick. BANKRUPTCY CHANGE: Principals and Guidelines (Revised

Edition) Regulation Vol. 20, No . 4, 97.

Warner, David, " Bills seek to slower bankruptcy filings. (Congress presents

legislation for making bankruptcy regulations more strict). " Place's Business Mar. 1999

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