Bankruptcy process

[sakitha]

Hai,

I am Sakitha.

A Court makes a bankruptcy order only after a bankruptcy petition has been presented. It is usually presented by:

* Yourself (Debtor's Petition); or
* Creditors who are owed at least

[Nicholas_B]

Bankruptcy is a severe last resort if you are in serious debt, and no other debt solution such as an IVA or Debt Management Plan can save you from going bankrupt.

Subject to certain exemptions, bankruptcy means that your assets are sold and the money from the assets is used to pay the people you owe money to. Assets could include life insurance and pensions and you would probably have to sell your house.

If you go bankrupt, the restrictions you will face include having bank accounts and credit cards closed. Your landlord will be informed, and for certain professions you run the risk of losing your job.

Therefore bankruptcy should be the last resort when you see no other way out and its always best to seek professional financial debt advice.

[hboss]

When people in debt decide to file for bankruptcy, they normally seek out the services of a bankruptcy lawyer or a specialized firm. The lawyer decides under which bankruptcy code he should file the claim and what assets would be exempt from liquidation. The lawyer then reviews all financial statements from the creditors and makes an estimate of the amount of debt.

[moore.davidv11]

My brother and his friend were going to watch movie for a night show. They were in hurry and my brother driving the bike in high speed. A local bus overtook them and bike diverted from the path. Both the young boy fell of it.