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An individual who is badly in debt can typically file for bankruptcy either under Chapter 7 (liquidation, or straight bankruptcy) or Chapter 13 (reorganization).In some cases, options may also include Chapter 12 (family farmer reorganization) and Chapter 11 (reorganization of a company, or an individual debtor whose debts exceed the limits for a Chapter 13 filing). [2]
Etymology. The word bankruptcy is derived from Italian banca rotta, literally meaning "broken bench" but more practically "broken bank". The term is often described as having originated in Renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment.
e. The United States Trustee Program is a component of the United States Department of Justice that is responsible for overseeing the administration of bankruptcy cases and private trustees. [1] The applicable federal law is found at 28 U.S.C. § 586 and 11 U.S.C. § 101, et seq. In addition to the 21 United States Trustees, the program is ...
The Royal Company of the Philippines was founded with an initial capital of 3,000 shares of 250 pesos each, with the incipient Spanish financial companies participating in the operation. Later, it increased its capitalization with the issuance of bonds. The company quickly grew rich (at the end of 1785, its capital was 10 million pesos) and ...
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The 2008–2014 Spanish financial crisis, also known as the Great Recession in Spain[ 1][ 2] or the Great Spanish Depression, began in 2008 during the world 2007–2008 financial crisis. In 2012, it made Spain a late participant in the European sovereign debt crisis when the country was unable to bail out its financial sector and had to apply ...
The Joint Stock Companies Act 1856 consolidated the companies legislation in one, and the modern law of corporate insolvency was born. Finally, the Bankruptcy Act 1869 was passed allowing all people, rather than just traders to file for bankruptcy.
Vowel changes can be observed to some of the Spanish words upon adoption into the Filipino language, such as an /i/ to /a/ vowel shift observed in the Filipino word pamintá, which came from the Spanish word pimienta, [5] and a pre-nasal /e/ to /u/ vowel shift observed in several words such as unanò (from Sp. enano) and umpisá (from Sp. empezar).