Bankruptcy proceedings in Peru, how immigration and bankruptcy are related.

Learning about bankruptcy this semester sparked my interest about bankruptcy proceedings in other countries, especially third world countries. Furthermore, I believe that immigration and bankruptcy are more closely related than what some might first realize.                           
  
For instance, in Peru, bankruptcy is somewhat different from what it is here. To begin with, there is no Ch. 7, 11, or 13 bankruptcy filings. Peru takes the stance that once you declare bankruptcy, you are put in what we call a “black list” for a decade. Meaning, you can’t purchase a home, car, or anything otherwise creditors will go after your new acquired property and take it away. Furthermore, when you declare bankruptcy or “quiebra” (similar to banca rota), you do not get a second chance much like here, in America. From my understanding, in Peru declaring bankruptcy means that your name better not appear in any public record for ten years or else your creditors will have a right to whatever property you acquire, sometimes even your salary. However, a person is allowed to work but with some limitations. In order to cash paychecks, the person receives it from the bank in which they have a personal checking or savings account. If they want to cash a check, the person who declared bankruptcy must cash it from a different bank than the he/she owes or else such bank has the right to take all of your earnings. This could become problematic in Peru because typically there are only two major banks where people cash their earnings, and if you owe both, it becomes almost impossible to earn a living. Moreover, in Peru, there is nothing similar to what restructuring under Ch. 11. Once a company declares bankruptcy, by law, it must cease all operations.                                                                                           
I argue that immigration and bankruptcy are quiet often closely related, especially in third world countries. As explained, declaring bankruptcy in Peru could easily become a nightmare to a person, earnings could be completely taken away, one cannot own any property for at least ten years, and banks are allowed harass you until you pay them. However, when a person does declare bankruptcy more often than not it places them in a financial position from which they are not likely to recover. Left with no choice, such individuals want a fresh start, something that their native country fails to offer them. And what do they do? They migrate to countries, such as the United States, that offer them a new beginning and a much better financial position