Essay on the constitution Video
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We use cookies to enhance our website for you. Proceed if you agree to this policy or learn more about it. Type of paper: Essay. The U. Constitution allows debtors to lift the burden of debt - in whole or in part, if the debtor can no longer meet its obligations to creditors. For consumers there are two main types of bankruptcy.
Chapter 7 of the Bankruptcy Code allows you to perform their obligations to creditors "in one go", and Chapter 13 presumes the debtor payment plan. Sometimes, the personal bankruptcy process can be carried out by using Chapter This part of the U. Of course, in this case it is assumed that these same assets of the debtor are. What is meant by the liquid assets?
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This is something that in a short time can be converted essay on the constitution cash - for example, the available accounts, checking essay on the constitution savings. Fortunately for U. The rest of the bills pass into read article office of a judge who is engaged in business bankruptcy and which will distribute the money among the creditors.
Of course, not everyone enough - but by law, all such payments remaining after debts are written off by the law. And to demand the repayment of the debtor already devastated not entitled to any creditors or collection agencies. To take advantage of these opportunities, the debtor will have to undergo a thorough check over, provingamong other thingsand that the average income of the family is less than the median income in the stateand that is what has caused this situation.
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Of course, such an option - the least painful, but they cannot take advantage of each. But those who have given up can always go to the next chapter. This part of the bankruptcy law does not allow the debtor to deal with the problem as «easy.
In this case, once the plan is submitted to the court, the borrower must immediately begin to implement it, transferring funds to the accounts of the court, which will then distribute them to the creditors. And financiers recommend doing it, regardless of whether the court had to approve the plan. In general, everything is as usual - more than the debtor has demonstrated its willingness to pay the bills, so it will be better. However, if the debtor under the plan essay on the constitution all the debt and did not pay, it does not mean that he will have to pay the rest of his life.]
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