Several times, and it seems that the issue of bankruptcy in the terrible complexity. In fact, the basic principles of bankruptcy rather simple, despite the federal bankruptcy in the U.S. has been extended. The main reason is the degree of complexity, because the effort of social engineering, the legislature wants to avoid possible cases. Complexity of the bankruptcy law gives lawyers ample time to try to interpret the law be best suited to their clients. The result is a large number of conflicts, and sometimes, and explanations in this law unless lawmakers. This leads to additional regulations, in which a process and so on. However, the basic principles of law is not as complex as they want. Here, let me discuss personal bankruptcy.
Failure is an old concept in English common law. If the person can not pay its debts, creditors and fired by the court, with all his possessions, and use those assets to meet its debts. If the resources are insufficient to meet the debts of the debtor by the bankruptcy court to determine the ability of the debtor to prison. It is a remedy is the maximum, article 1 of Article 8 of the Constitution S. Chen. Gives Congress the right to put in place. “With respect to standard bankruptcy in the United States.”