filing for bankruptcy Tag

22 Jan Filing Bankruptcy Under U.S. Bankruptcy Code Tough On Debtors? South Africa Bankruptcy Law Strips Bankrupt Debtors of Assets!

South AfricaEach day in my bankruptcy law office, at least one client will complain about the Bankruptcy Code and the effect on their daily existence. Debtors who file for bankruptcy protection often will complain that the U.S. bankruptcy code is too harsh, too tough when the debtor must limit expenses for luxury items. Bankruptcy debtors also worry about having excess equity in an asset and losing a part of that property. However, bankruptcy debtors in the United States have a much easier time during their bankruptcy than debtors in other countries and keep much more property safe from creditors. For example, while visiting South Africa recently, this author found herself waiting patiently inside a local bank. The bank had a brochure rack and on that rack was a brochure about the bank's debt repayment plan. Unlike the debt management programs here in the United States, each creditor in South Africa is responsible for their own debt management plan
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