介绍： 版权归原作所有，仅供此学习，若有侵权请告知删除。
[11:46.49]The last reading.
[11:48.67]Bankruptcy
[11:50.54]Bankruptcy is a legal process for people and businesses that are in debt.
[11:56.51]It is designed to help them get a new start.
[12:00.43]It is also designed to help their creditors get paid
[12:04.16]...

介绍： 版权归原作所有，仅供此学习，若有侵权请告知删除。
[11:46.49]The last reading.
[11:48.67]Bankruptcy
[11:50.54]Bankruptcy is a legal process for people and businesses that are in debt.
[11:56.51]It is designed to help them get a new start.
[12:00.43]It is also designed to help their creditors get paid
[12:04.16]at least some of what they are owed.
[12:07.21]In America, two kinds of bankruptcy are most common for individuals.
[12:13.00]These are called chapter seven and chapter thirteen.
[12:17.51]They are named after the parts of the United States Code that define them.
[12:22.86]Chapter thirteen bankruptcy requires people to have a plan to repay their creditors.
[12:29.77]They make payments for three to five years
[12:32.82]until most of their debt is paid off.
[12:36.30]In chapter seven bankruptcy, people must give up some of their property.
[12:41.72]The property is then sold to pay their creditors.
[12:45.59]But the people are able to keep the money they earn
[12:48.64]after they bring their bankruptcy case.
[12:51.75]Under chapter seven they are also able to keep most of the property they buy after that time.