Bankruptcy Essay -- essays research papers fc

Over the y spikes, the process of declaring bankruptcy has become incredibly simple. Because of this change, the number of people declaring bankruptcy is at an all cartridge holder high. straightaway, bankruptcy is a common thing among companies and individuals alike. The American bankruptcy police force allows people to avoid earningsing their debts by offering the debtors a cut down without a harsh consequence. By not having repercussions for their numeralions, bankruptcy filers often invent future bankruptcies, allowing them to steal even more money from creditors with no punishment. at that place atomic number 18 13 several(predicate) chapters in the bankruptcy system with the headland chapters being 7,11, and 13. You can only file for bankruptcy beneath these triplet chapters, the others argon there to explain how the system works. Under Chapter 7, a someones debts are wiped away while under chapters 11 and 13, debts are frozen while the debtor figures out a wa y to devolve them. The people filing Chapter 7 are stealing money from creditors who are trying to help them. It is ones moral duty to have back his debts and one should be disgraced and embarrassed if they borrowed money they cannot pay back. Over 1,400,000 people filed for bankruptcy in 1998 under Chapter 7, Chapter 11, and Chapter 13. 75% of them were under Chapter 7, leaving retailers, bankers, and credit-card companies with $40 billion in unpaid debts (Kopecki 5) (Pomykala 16). The use of different reforms could cut down on the number of Chapter 7 filings and put state back on the debtor. Declaring Chapter 7 bankruptcy is ethically and morally terms and through different reforms this current right would be considered a criminal offense. loser was slowly transformed through history from being a crime committed by debtors into a social welfare program. In the past, bankruptcy offenders were severely punished. Before the mid-19th century, bankruptcy was a crime (Pomykala 16). There were galore(postnominal) ways to punish those who committed this heinous act. The Pennsylvania loser spiel of 1785 allowed the flogging of these offenders while their ear was nailed to a post and afterwards the ear was cut off. Similar to Hester Prynnes punishment of wearing a florid A on her chest for adultery, people who committed the act of bankruptcy were branded on the thumb with a T for bandit (Pomykala 17). Various punishments like these served as a warning to future violators. B... ...uer, and redbreast Leonard. How to File for CHAPTER 7BANKRUPTCY. Berkeley Nolo 1999.Feltman, Peter. Bankruptcy Bill Closer to Enactment. Bankruptcy struggle Continues 12 Dec. 2001..Hanson, Randall K., A new chapter in bankruptcy reform. Journal of accounting system Feb. 1999.Irons, John S., Private Debt Two Views on Debt. About.com 12 Dec 2001Jasper, Margaret C., Bankruptcy Law for the Individual Debtor. New York Oceana 1997.Kopecki, Dawn, More American Debtors Turn to Chapters 7 & 13. (bankruptcy law makes discharging debt easy). Insight on the News 22 Mar. 1999.Pearce, John A. II, Samuel A. DiLullo, When a strategic plan includes bankruptcy. Business Horizons Sept.-Oct. 1998.Pomykala, Joseph S., BANKRUPTCY LAWS The Need for Reform. USA Today Nov. 1999Pomykala, Joseph. BANKRUPTCY REFORM Principals and Guidelines (Revised Edition) Regulation Vol. 20, No. 4, 1997.Warner, David, Bills seek to slow bankruptcy filings. (Congress introduceslegislation to make bankruptcy laws more strict). Nations Business Mar. 1999