Privacy Policy

Bankruptcy As An Alternative

Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors.  The first English bankruptcy law is generally agreed to have been enacted in 1542.  Every state which has attempted to establish and keep an empire in the modern world has gone bankrupt, if not worse.  Spain became the first sovereign nation in history to declare bankruptcy.

About The Money

The bankruptcy new law will also allow us to clamp down on bankruptcy mills that make their money by advising abusers on how to game the system.  Most bankruptcy cases can be avoided with proper help, such as professional  certified counselors and making proposals that call for payments of less than the full amount of the debt owing. In most cases, the creditors will accept the deal, because if they don’t, the next alternative may be personal bankruptcy, where the creditors will get even less money.  At the rate Obama is spending OUR money we will and are bankrupt already.

Banks And Creditors

Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors.  Sometimes a bankruptcy may be able to raise enough funds to make an Offer of Composition to creditors, which would have the effect of paying the creditors some of the money they are owed. 

If the creditors accept the offer, the bankruptcy can be annulled after the funds are received.  Its goal is to reach an agreement with the creditors of the company.  Secured creditors may be entitled to greater payment than unsecured creditors.

A Debtor Nation

Debtors may now retain occupational pensions while in bankruptcy, except in rare cases.  Debtors seeking to erase all debts will now have to wait eight years from their last bankruptcy before they can file again.  A consumer proposal can only be made by a debtor with debts in excess of $5,000 to a maximum of $75,000 (not including the mortgage on their principal residence).  In a bankruptcy, all assets of the debtor are liquidated under the administration of the creditors, although the law provides for debt restructuring options similar to those under Chapter 11 of the U.  Generally, a debtor declares bankruptcy to obtain relief from debt, and this is accomplished either through a discharge of the debt or through a restructuring of the debt.

All Over America

America is on a downward trajectory from which we have little hope for recovery.  America has not suffered such a vertiginous economic collapse since the 1930's, and we want to document the human cost, while it was happening.  America used to be the envy of the world.  America no longer has an admired workforce of educated and talented workers.

The subject of bankruptcy was given specific recognition upon the adoption of the United States Constitution in 1789.  Thus the law of bankruptcy, as enacted by Congress, is federal law.  Actually, bankruptcy was originally planned as a remedy for creditors — not debtors.  In ancient Greece, bankruptcy did not exist.  The word bankruptcy is formed from the ancient Latin bancus (a bench or table), and ruptus (broken).  The final goal of the bankruptcy is the liquidation of the assets of the company and payment of the debtors.