Word: debtors
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This, as Kissinger suggests, may be as risky as overgenerosity. The banks thus have no easy way out of their bad-loan bind. They can only hope that a robust economic recovery, both in the U.S. and abroad, will revive the fortunes of the legion of hard-pressed debtor companies and countries. - By Charles Alexander...
...anticipates a tense, three-way tug of war developing among private bankers, debtor countries and international institutions like the International Monetary Fund. The bankers want payment on their loans, the developing countries are not anxious to take austerity measures to pay their debts, and international institutions are reluctant to lend still more money to the poor countries except on tough terms. The result of the three-sided struggle could lead to more political unrest in some Third World countries...
...other form of bankruptcy under the law, chapter thirteen, is even easier. It resembles the C.C.C.S. method and provides for the debtor to pay all or part of his debts over a period of three years under a plan approved by the court...
Perhaps the most striking fact about almost every debtor in real trouble is that he has no idea how much he owes-much less what exorbitant interest he is usually paying. "The first thing we have to do is sit down and figure out what actually gets spent in the home," says Mel Stiller, head of the four advisers who process 1,700 cases a year at the C.C.C.S. in Boston. "People will figure the major items like rent and food, but they don't stop to consider the dinners out or the haircuts or the newspapers. Those...
There are two kinds of personal bankruptcy. Under chapter seven of the bankruptcy law, the court sells the debtor's assets, pays creditors as much as possible from the proceeds and cancels most remaining debts. However, federal law permits the debtor to keep certain assets for his own survival: up to a $7,500 equity in his house, for example, and up to a $1,200 interest in a car. The list of exemptions even includes up to $500 worth of jewelry. Some states are still more lenient; California allows the head of a household to keep...