Bankruptcy
, today, is a very common thing among companies and individuals alike. Sadly enough there were as many cases filed in federal courts, as there were all other cases. The American law allows people to avoid paying their debts, by offering the debtors a discharge, which eliminates all their legal responsibilities. However, is a controversial issue amongst religious members of the Jewish population, for one must question whether it is morally correct to avoid paying a dept by filing for . According to the torah, a debt is an obligation that must be fulfilled. Consequently, if a discharge is invoked, under the strictness of Jewish law, one is still required to pay back the money no matter ...
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In this case, the creditor loses hope of being paid back the money the debtor owes him. Therefore the debtor is free from his obligation to pay the creditor. According to some poskim, yeush does not discharge the debtor, unless the circumstances, such as where the debtors fields are ruined by a flood, the debtor is in, makes the creditor lose hope of ever being paid back According to others, yeush can discharge the debt if the debtor becomes impoverished only and not because he didn’t want to pay back his debt.
If the debtor does not become discharged through the creditors yeush, there is one of two ways to obtain a discharge through halacha. The first way is through liquidation. This is where the debtor hands over all his property, with keeping some exempt property, and this covers his debt to the creditors and he is now free of his obligation to pay them. The second way is through reorganization. The debtor makes a plan to repay his creditors over a number of years, ...
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do not have to be established by halacha nor by a Jew . Rather, they are the custom of the time and age. In many cases the secular law may have the same effect as a minhag, and may be used even if Dina D’malchusa Dina ( explained below) doesn’t apply. If business is done in the United States, there is a strong argument that that means that the parties automatically follow the secular laws and this means the discharge law is included. Secular law is also followed, if the parties use secular lawyers, therefore intending to follow secular law.
Dina D’malchusah Dina, the law of the land is the law, implies that in monetary matters – matters that directly affect the government’s ...
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Bankruptcy. (2008, April 27). Retrieved December 23, 2024, from http://www.essayworld.com/essays/Bankruptcy/82758
"Bankruptcy." Essayworld.com. Essayworld.com, 27 Apr. 2008. Web. 23 Dec. 2024. <http://www.essayworld.com/essays/Bankruptcy/82758>
"Bankruptcy." Essayworld.com. April 27, 2008. Accessed December 23, 2024. http://www.essayworld.com/essays/Bankruptcy/82758.
"Bankruptcy." Essayworld.com. April 27, 2008. Accessed December 23, 2024. http://www.essayworld.com/essays/Bankruptcy/82758.
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