On The Goal Of Bankruptcy Law On The Bankruptcy System Preservation

Automatic stay is the legal system under the American Law which stops all thecollecting actions of creditors as soon as the voluntary application for bankruptcy applies. It is the most characteristic bankrupt-protection system and has influenced the rests deeply, even bankrupt legal system under the Continental Legal System. This article aims at illuminating the corresponding relationship between legal system and legal object through the analysis of the evolving history of automatic stay and its specific rules.There will be five parts of this article:The first part: The bankrupt-protection system and its evolving history. For sake of avoiding the "Common Pool Problem", the bankrupt-protection system was designed to insure debtor's assets against the out-of-order scratch of creditors;reviewing the history of the automatic stay.The second part: The object of bankruptcy legal system. There are three kinds of bankruptcy legal objects: the credit-upheld mode, the debt-upheld mode and the society-upheld mode;Introducing a famous contest about the legal object of bankrupt law in America.The third part: The bankrupt-protection system and the object of bankrupt law. Equity and efficiency are basic legal objects of legal system. A good legal system has to reflect the legal objects. This part aims at expatiating the "form and content" relationship between legal system and legal object through the analyzing of the evolvement of the automatic stay system of America.The fourth part: The current bankrupt-protection system of America. This partfocuses at the redress secured creditors could get under the article 362 (d) (2). When there is no equity for the debtors and the assets are not necessary for the reorganization, the re-distribution of prove burden between creditors and debtors is a good example of the corresponding relationship between legal system and legal object.The fifth part: The Chinese bankrupt-protection system. Because of the special legal object under that era, the bankrupt legal system was designed to be special and with some fatal shortcomings. This part attempts to give some suggestions in allusion to the newly settled legal object.