procedure in bankruptcy

简明释义

破产程序

英英释义

例句

1.The company initiated a procedure in bankruptcy to restructure its debts.

该公司启动了破产程序以重组其债务。

2.During the procedure in bankruptcy, creditors must submit their claims to the court.

在破产程序期间，债权人必须向法院提交他们的索赔。

3.A procedure in bankruptcy can provide relief for individuals overwhelmed by debt.

对于债务缠身的个人来说，破产程序可以提供救济。

4.The judge approved the procedure in bankruptcy after reviewing the financial statements.

法官在审核财务报表后批准了破产程序。

5.Filing for a procedure in bankruptcy can impact your credit score significantly.

申请破产程序可能会对你的信用评分产生重大影响。

作文

The concept of procedure in bankruptcy refers to the legal process through which individuals or corporations that are unable to meet their financial obligations can seek relief from some or all of their debts. This procedure is crucial in providing a structured way to handle insolvency, allowing debtors to either reorganize their finances or liquidate their assets in an orderly manner. Understanding the procedure in bankruptcy is essential for anyone involved in finance, business, or personal financial management, as it can significantly impact one's financial future.Bankruptcy is often seen as a last resort, but it can also provide a fresh start for those overwhelmed by debt. In many jurisdictions, the procedure in bankruptcy begins with the debtor filing a petition with the bankruptcy court. This petition includes detailed information about the debtor's financial situation, including assets, liabilities, income, and expenses. Once the petition is filed, an automatic stay is put in place, which temporarily halts any collection actions by creditors. This gives the debtor some breathing room to assess their options without the pressure of ongoing collections.There are different types of bankruptcy procedures, typically categorized into chapters, such as Chapter 7 and Chapter 11 in the United States. Chapter 7 bankruptcy, often referred to as liquidation bankruptcy, involves the sale of the debtor's non-exempt assets to pay off creditors. This process is relatively quick, usually taking a few months to complete. On the other hand, Chapter 11 bankruptcy is more complex and is primarily used by businesses. It allows the debtor to reorganize their debts while continuing to operate their business. The procedure in bankruptcy under Chapter 11 can be lengthy and requires the approval of a reorganization plan by the court and creditors.One of the key benefits of the procedure in bankruptcy is the discharge of debts. Upon successful completion of the bankruptcy process, most debts are discharged, meaning the debtor is no longer legally obligated to pay them. This discharge provides a sense of relief and allows individuals and businesses to move forward without the burden of past debts. However, not all debts can be discharged, such as certain tax obligations, student loans, and child support payments.While the procedure in bankruptcy offers relief, it also comes with consequences. Filing for bankruptcy can severely impact a debtor's credit score, making it challenging to secure loans or credit in the future. Additionally, bankruptcy records can remain on a credit report for up to ten years, which may affect future financial opportunities. Therefore, it is crucial for individuals considering bankruptcy to weigh the pros and cons carefully and seek professional advice.In conclusion, the procedure in bankruptcy serves as a vital mechanism for addressing financial distress. It provides a pathway for individuals and businesses to regain control over their finances while ensuring fair treatment for creditors. Understanding the intricacies of this procedure can empower debtors to make informed decisions about their financial futures. Whether one is facing overwhelming debt or seeking to understand the implications of bankruptcy, knowledge of the procedure in bankruptcy is indispensable in navigating the complex landscape of financial recovery.

破产程序的概念是指个人或公司在无法履行财务义务时，寻求解除部分或全部债务的法律程序。这个程序在处理破产时至关重要，它为债务人提供了一种结构化的方法来处理无力偿债的情况，使他们能够重新组织财务或以有序的方式清算资产。理解破产程序对于任何参与金融、商业或个人财务管理的人来说都是必不可少的，因为它可能会对一个人的财务未来产生重大影响。破产通常被视为最后的手段，但它也可以为那些债务缠身的人提供重新开始的机会。在许多司法管辖区，破产程序通常始于债务人向破产法院提交申请。该申请包括关于债务人财务状况的详细信息，包括资产、负债、收入和支出。一旦申请提交，法院将自动实施暂停令，暂时停止债权人的任何催收行动。这为债务人提供了喘息的空间，使他们在没有持续催收压力的情况下评估自己的选择。破产程序有不同类型，通常按章节分类，例如美国的第7章和第11章。第7章破产，通常被称为清算破产，涉及出售债务人的非豁免资产以偿还债权人。这个过程相对较快，通常需要几个月时间完成。另一方面，第11章破产则更为复杂，主要用于企业。它允许债务人在继续经营业务的同时重组债务。第11章下的破产程序可能会很漫长，并且需要法院和债权人批准重组计划。破产程序的一个关键好处是债务的解除。在成功完成破产程序后，大多数债务将被解除，这意味着债务人不再有法律义务偿还这些债务。这种解除带来了宽慰，使个人和企业能够在没有过去债务负担的情况下继续前进。然而，并非所有债务都可以解除，例如某些税务义务、学生贷款和子女抚养费。虽然破产程序提供了救济，但它也伴随着后果。申请破产可能严重影响债务人的信用评分，使其在未来获得贷款或信用变得困难。此外，破产记录可能在信用报告上保留长达十年，这可能会影响未来的财务机会。因此，考虑破产的个人必须仔细权衡利弊，并寻求专业建议。总之，破产程序作为解决财务困境的重要机制，提供了一个让个人和企业重新掌控财务的途径，同时确保对债权人的公平对待。了解这一程序的复杂性可以使债务人能够就其财务未来做出明智的决策。无论是面临压倒性债务还是寻求了解破产的影响，了解破产程序在驾驭复杂的财务恢复领域中都是不可或缺的。