Bankruptcy And Debts

Jeffrey G. Katz

Consolidation Debt Mortgage Chairman, President and CEO - Orbitz

People file for bankruptcy because they're in debt. The more debt there is, the more bankruptcies there are. Well, duh! It really is that simple. When compared to the level of borrowing, the rate of bankruptcy has remained fairly steady. In 1977, 74 bankruptcies were filed for every $100 million of consumer debt. In 1997, 73 bankruptcies were filed for every $100 million of consumer debt. Bankruptcy isn't the cause of debt but rather is the result. And it isn't the disease but rather is one of the cures. Restricting access to bankruptcy court won't solve the problem of debt any more than closing the hospitals will cure a plague.

Consolidation Debt Help

Bankruptcy is a court process that allows an individual or business to get relief from their debts. The ultimate goal of bankruptcy is to give the individual or business a fresh financial start while being fair to creditors. How Can a Business File for Bankruptcy Chapter 7 and Chapter 11. Once bankruptcy proceedings are started (whether through Chapter 7 or Chapter 11), creditors cannot attempt to collect debt from the business until the bankruptcy process has ended.

Consolidation Credit Debt A 20-year veteran airline industry executive and expert in electronic reservations systems technology, Jeffrey Katz is chairman of the board and president of Orbitz, the new travel web site founded by American, Continental, Delta, Northwest and United airlines. As chief executive officer, Katz drives the company management and strategic direction.
Prior to joining Orbitz, Katz was president and chief executive officer of SAir Group Swissair, an airline known worldwide for outstanding customer service. Katz joined Swissair in 1997 and led its efforts to adapt to the newly liberalized European market, including enlarging its Zurich hub; reaching agreement with Swissair pilots to improve productivity and overhaul its price and yield management systems; and negotiating Swissair broad anti-trust approved code share agreement with American Airlines. Additionally, he instituted a number of customer care improvements using cutting-edge technology, such as Fast Track, the industry`s first smart card-based, check-in system.
Previous to Swissair, Katz spent 17 years at American Airlines where he honed his industry expertise in positions, including finance, pricing and sales; and Managing Director - In-flight Service. In 1993, the AMR Corp. board elected Katz vice president of American Airlines and president of the Computerized Reservation System Division (CRS) of SABRE, where he was responsible for its worldwide CRS business. During his tenure, SABRE expanded rapidly outside the U.S. in Europe, Mexico, South America and Asia, and formed joint ventures with the national airlines of Mexico, India and Japan. Under Katz`s leadership, SABRE launched its first web-enabled applications -- Planet SABRE for Travel Agents and SABRE Business Travel Solutions -- the industry`s first comprehensive business-to-business travel arrangement tool for corporate travel.
Katz was named one of four "People to Watch 2001" (leisure travel) in USA Today, and is published in The Heidrick & Struggles Leadership Opus: Access and Influence in the 21st Century. He is a well-known speaker at such prominent venues as the 2001 World Economic Forum in Davos, Switzerland; the 2001 PC Forum; the Aero Club airline industry gathering; and 2000 eTravel World. He is frequently interviewed on airline and online travel issues by national and local media such as USA Today, The Washington Post, the New York Times, the Wall Street Journal, CNN and CNBC.
Katz holds a Bachelor of Science degree in mechanical engineering from the University of California-Davis, and Masters degrees from both Stanford University in California and the Massachusetts Institute of Technology, where he specialized in transportation management/operations research. Katz is a licensed pilot.

The Bankruptcy Courts Survey 2005 found that communication between the courts, official receivers and bankruptcy trustees was generally efficient. Cause for bankruptcy were seen to be complex, although credit misuse followed by business failure tended to be a familiar pattern. Bankrupts tended to acknowledge moral responsibility for their debts, the report found. "The report concludes that very few people see bankruptcy as an easy way out of their debts but rather that they have no real alternative, " said Desmond Flynn, inspector general of the Insolvency Service.

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