最近，美國通用公司根據美國《聯邦破產法》第11條申請破產保護成為新聞頭條，我曾經一度疑惑是不是破產就等於倒閉了以後就沒有通用了，結果被告知破產不等於倒閉，那麼到底破產保護是什麼意思呢？這個《聯邦破產法》第11條到底是什麼內容呢？一起來看看吧。
When an individual or business is unable to make payment to creditors to pay off their debts, they can file for bankruptcy protection under the bankruptcy laws of the United States. For an individual, bankruptcy protection may involve either a cancellation of most debts, along with the selling off of some of their assets, or a structured plan to pay down the debts that are owed. For a business, bankruptcy protection may either provide complete or partial relief of debts and contracts, assuming the business will remain in operation, or the business may cease operation and sell off its assets to pay debts。
簡單的說，在美國，當個人或者公司資不抵債的時候，就可以根據美國《聯邦破產法》申請破產保護。如果是個人，破產保護可能會通過變賣個人資產抵消債務，或者是用一個有組織的計劃來逐步償還債務；對於一家公司來說，破產保護會減免公司的全部或者部分債務和合同，公司有可能會繼續運營，也可能會直接停產變賣資產。
There are two types of bankruptcy protection commonly used by individuals: Chapter Seven, and Chapter 13, where “chapter” refers to the chapter of the bankruptcy code that describes each one. In Chapter Seven, also called a “straight bankruptcy” or “liquidation”， a trustee is appointed to control the individual’s assets. The trustee then liquidates, or sells the assets, then gives the money to creditors in order to pay off debts, to the extent that this is possible. However, the individual is allowed to keep some personal property, depending on the laws of the state they live in。
對於個人來說，通常有兩種破產保護的型別：第7條和第13條。這個第幾條是指在《聯邦破產法》中的條目數。第7條又叫“直接破產”或者“破產清算”。會給債務人指定一個管理人，由這個管理人進行清算或者變賣資產，然後把清算的錢給債權人來還清債務，不過有的地方債務人可以保留一些個人財產，這個要根據不同的州來決定了。
Chapter 13, also called “wage-earner bankruptcy”， allows the individual to propose a plan to repay their debts interest-free over a three to five-year period, although the individual’s payment plan is subject to court approval. While in Chapter 13, an individual is protected from creditors collecting on debt or seizing assets to pay debts, and creditors are required to abide by the terms of the approved payment plan. Both types of personal bankruptcy make it very difficult for the individual to obtain credit for a period of seven to ten years after seeking bankruptcy protection。
第13條也被叫做“掙工資的破產”，這項條款允許債權人在依據法庭判決制訂還款計劃，在3-5年內還清貸款本金，不加利息。債務人在計劃期間要賺錢還債，而債權人在這段時間就只能等著。不管是第7條還是第13條，這兩種個人在申請破產保護之後的七到十年都很難再拿到貸款了。
香港的破產法也和歐美比較類似，當年明星鍾鎮濤申請破產差不多就是和第13條類似的程式，他四年內賺的錢都要還債，每月吃穿用度的開銷都由香港破產管理署規定限額，直到08年四年還債期滿才終於在心理上重獲自由。
Businesses may also seek bankruptcy protection under Chapter Seven, but also under Chapter 11, which consists of a reorganization, rather than a liquidation of assets. It may take anywhere from months or years for a business to emerge from this type of bankruptcy. As in Chapter 13, a business in Chapter 11 may propose a repayment plan for its debts within a certain time frame, after which it is up to the creditors to come up with a plan. If the business has stock that is traded on a public stock exchange, then the stock is no longer allowed to be traded publicly once bankruptcy protection is pursued. In some cases, this causes the value of the company’s stock to go to zero。
對於公司來說，申請破產的依據同樣也有第7條，另外就是第11條了。不過對於公司來說，一般都會希望採用第11條資產重組的`方式而不是直接清算。根據第11條規定，公司要提出在一個確定的年限償還債務的計劃，這個計劃也要經過債權人的同意。如果是上市公司，一旦實行了破產保護，股票摘牌，也就是說，這家公司的股票價值為0了。
通用這次採用的就是第11條資產重組，賣掉了幾個內部品牌，也基本成了國有公司，但是像通用這種百年品牌，破產保護的過程通常會無比漫長，因此我們現在還沒有最後確切的訊息通用的破產保護期有多久。不過依照美國政府大力扶持的情況來看，一旦全球經濟回暖，也許通用又會迎來新的春天。
