The idea of personal bankruptcy information itself is terribly scary, but last year 5.4 people per 1,000 people went bankrupt, and this rate has risen sharply by nearly 7%. The personal bankruptcy information found by the researchers shows that the main reason is that the level of unmanageable user responsibility is usually associated with accidents, such as major medical expenses not covered by insurance, loss of work, divorce or death partners. Before this, it was also important to learn public bankruptcy information.
The idea of personal bankruptcy information
According to business experts, the classic bank-filed staff is a working-class high school graduate who is responsible for the massive use of credit in the middle-lower income class. people. In order to save debtors and creditors, the law is stipulated to give equal and fair value to meet the requirements of all parties. The main intent of the bankruptcy law is to: (1) provide the debtor with a new beginning by alleviating most of the debtor's debt, and (2) repay the debtor in a consistent manner to the debtor's own level of material available for payment.
There are two types of structured plans for registering private bankruptcy, either Chapter 7 or Chapter 13. Almost two-thirds of individual registrants chose Chapter 7 bankruptcy. Normally chapter VII requires debtors to repay all taxable assets and circulate them among creditors. Some examples of non-taxable assets include the equity and retirement processes of major residences. On the other hand, Chapter 13 does not require repayment, but provides the debtor's reporter with a specific repayment schedule. Some of these debts have already been paid and the balance can be waived. It must be emphasized that according to these two plans, some debts were disqualified because of bankruptcy security. These liabilities are child support, alimony, presidential student loans, and tax debt. These must be repaid in full.
Some researchers believe that this new debt may pose risks to the Yankee family. Personal bankruptcy information shows that in order to reverse the upward trend of non-public bankruptcy, the state has formulated a comprehensive bankruptcy reform legislation. On March 10, 2005, the Senate approved S. 256, 2005 Bankruptcy Prevention and Buyer Protection Act. On April 20, President Bush legalized the 2005 Bankruptcy Prevention and Shopper Protection Act (Bankruptcy Act of 2005).
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