Word: bankrupting
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Only the Clothes. This procedure has one big advantage for the bankrupt: any debts that cannot be paid are simply wiped out. It also has a huge drawback: states set the rules governing how much property a bankrupt can hold on to, and they vary wildly. California allows a bankrupt to keep a house in which the debtor has an equity of $30,000 or less. Thus, a bankrupt could keep an $80,000 house on which he had a $50,000 mortgage (though he would have to keep up the payments). Texas with rare exceptions permits a bankrupt...
...eighth-grade dropout who ran away from his old Kentucky home at age 14, Flynt joined the Army, then the Navy, worked the night shift at a General Motors assembly plant and, at the advanced age of 21, went bankrupt. He moved to Columbus, and a few years later, was the proprietor of eight Hustler Club bars. He eventually sold the chain, but not before turning its four-page newsletter into Hustler...
...case, the affair produced some unconcealed jubilation in Israel. Gloated the independent Tel Aviv daily Yediot Aharonot: "Sadat certainly learned that while he is engaged in world politics, his own house is about to fall in on him. One cannot foster imperial greatness while going bankrupt at home." That was a shortsighted view indeed; if Sadat had fallen, the chances were strong that his successor might be more inclined toward a renewed confrontation with Israel...
...luck-record corn and wheat harvests as well as big Soviet grain purchases. With the 1977 harvests expected to set new records, farmers may soon need protection from falling prices. Says Bergland: "I favor the free market, but when I say free market, I don't mean bankrupt prices...
...cover claims that were inflated by the rocketing cost of auto parts and medical care. By last summer, its losses had mounted so high that Maximilian Wallach, insurance superintendent for the District of Columbia, where GEICO has its headquarters, set a deadline for moving to have the company declared bankrupt...