petition in bankruptcy

简明释义

破产申请

英英释义

例句

1.The company filed a petition in bankruptcy to restructure its debts.

该公司提交了破产申请以重组其债务。

2.The court approved the petition in bankruptcy and appointed a trustee.

法院批准了破产申请并指定了一名受托人。

3.After months of financial struggles, he decided to submit a petition in bankruptcy.

经过几个月的财务困境，他决定提交一份破产申请。

4.Filing a petition in bankruptcy can provide relief from overwhelming debt.

提交破产申请可以减轻压倒性的债务负担。

5.She was advised by her lawyer to file a petition in bankruptcy after losing her job.

在失业后，她的律师建议她提交一份破产申请。

作文

The concept of a petition in bankruptcy is crucial for individuals and businesses facing financial distress. A petition in bankruptcy refers to a formal request filed with a court to declare oneself or an entity insolvent, meaning that they are unable to meet their financial obligations. This legal process serves as a means for debtors to seek relief from overwhelming debt, allowing them to either restructure their finances or liquidate their assets to pay creditors. When someone files a petition in bankruptcy, it marks the beginning of a legal proceeding that can provide a fresh start. For individuals, this often involves Chapter 7 or Chapter 13 bankruptcy in the United States. Chapter 7 involves liquidating non-exempt assets to pay off debts, while Chapter 13 allows individuals to create a repayment plan to pay back creditors over a period of time. For businesses, filing a petition in bankruptcy can be a strategic move to reorganize and continue operations while addressing financial challenges. Companies may file for Chapter 11 bankruptcy, which enables them to restructure their debts while maintaining control of their operations. This type of bankruptcy can be particularly beneficial for businesses that have valuable assets but are struggling with cash flow issues. The process of filing a petition in bankruptcy involves several steps. First, the debtor must gather all financial records, including income, expenses, debts, and assets. This information is crucial for the court to assess the situation accurately. Next, the debtor must complete the necessary forms and submit them to the appropriate bankruptcy court. Once the petition in bankruptcy is filed, an automatic stay goes into effect, which temporarily halts all collection activities from creditors. This gives the debtor breathing room to navigate the bankruptcy process without the immediate pressure of debt collection. One of the significant benefits of filing a petition in bankruptcy is the potential for debt discharge. In Chapter 7 bankruptcy, many unsecured debts, such as credit card debt and medical bills, can be eliminated entirely. This provides a sense of relief for individuals who have been burdened by unmanageable debt. However, it is essential to note that not all debts can be discharged, including student loans and certain tax obligations. Moreover, the impact of a petition in bankruptcy extends beyond the immediate financial relief. It can also affect the debtor's credit score and financial future. A bankruptcy filing remains on a credit report for several years, making it challenging to secure new credit or loans. Therefore, it is crucial for individuals and businesses to consider all options before deciding to file for bankruptcy. In conclusion, a petition in bankruptcy serves as a vital tool for individuals and businesses grappling with insurmountable debt. While it offers a pathway to financial relief and a fresh start, it is essential to understand the implications and long-term effects of this legal action. Seeking guidance from legal and financial professionals can help ensure that the decision to file a petition in bankruptcy aligns with the individual's or business's best interests.

破产申请的概念对于面临财务困境的个人和企业至关重要。破产申请是指向法院提交的正式请求，以宣布自己或一个实体破产，意味着他们无法履行财务义务。这个法律程序为债务人提供了从压倒性债务中寻求救济的手段，使他们能够重组财务或清算资产以偿还债权人。当有人提交破产申请时，这标志着法律程序的开始，可以提供一个新的开始。对于个人来说，这通常涉及美国的第七章或第十三章破产。第七章涉及清算非豁免资产以偿还债务，而第十三章允许个人创建还款计划，在一段时间内偿还债权人。对于企业而言，提交破产申请可以是一个战略举措，以便在解决财务挑战的同时重新组织和继续经营。公司可能会申请第十一章破产，这使他们能够在保持对运营控制的同时重组债务。这种类型的破产对于拥有有价值资产但现金流问题的企业尤其有利。提交破产申请的过程涉及几个步骤。首先，债务人必须收集所有财务记录，包括收入、支出、债务和资产。这些信息对于法院准确评估情况至关重要。接下来，债务人必须填写必要的表格，并将其提交给适当的破产法院。一旦提交破产申请，自动停止令立即生效，暂时停止债权人的所有催收活动。这为债务人在没有债务催收压力的情况下应对破产过程提供了缓冲空间。提交破产申请的一个重要好处是潜在的债务解除。在第七章破产中，许多无担保债务，例如信用卡债务和医疗账单，可以完全消除。这为那些被难以管理的债务所困扰的个人提供了一种解脱感。然而，需要注意的是，并非所有债务都可以解除，包括学生贷款和某些税务义务。此外，破产申请的影响超出了即时的财务救济。它也可能影响债务人的信用评分和财务未来。破产申请在信用报告上保留数年，使得获得新信用或贷款变得困难。因此，个人和企业在决定申请破产之前，必须考虑所有选项。总之，破产申请作为个人和企业应对无法承受的债务的重要工具。虽然它提供了财务救济和新起点，但理解这一法律行为的含义和长期影响至关重要。寻求法律和财务专业人士的指导可以确保提交破产申请的决定符合个人或企业的最佳利益。