Bankruptcy Questions

Bankruptcy Questions
Don't you just hate it when your questions go unanswered?
Well I hate it as much as you do. Especially when you are
desperately seeking help and answers this setbacks have to
pull you down.

Well if you have answers regarding bankruptcy, you have
come to the right place because in this article I am going
to have answers to frequently asked questions about
bankruptcy.

So, read on and you will find out more about bankruptcy.
Bankruptcy has many negative effects on you personally but
if you know more you may be able to turn the negative
situation around. So, here are the questions:

1) What is bankruptcy and how does this happen?
Bankruptcy is a legally declared inability or impairment of
ability of an individual or organizations to pay their
creditors. This happens when creditors file a bankruptcy
petition against a debtor in effort to recoup a portion of
what they are owed. In majority of cases, however,
bankruptcy is initiated by the debtor.

2) What are the effects of bankruptcy?
Once you are made a bankrupt, all assets belonging to you
come under control of the Trustee, including your home. The
other main disadvantages of bankruptcy are the constraints
forced upon the bankrupt and the stigma of having to
declare oneself as a bankrupt for certain transactions.

3) How long does bankruptcy last?
A bankrupt may be discharged after a year. However,
discharge is not necessarily be automatic and can be
postponed by the court. In addition, the discharge may not
necessarily free that person from certain all liabilities
and does not mean that unrealized assets will be
safeguarded.

4) Are there alternatives to bankruptcy?
Basically, there are four main ways in which you can avoid
bankruptcy. They are:
- Take no action
- Self money management
- Negotiate with creditors
- Debt consolidation

5) Are there any other options in which I can settle debts?
If you need other options, you can consider:
- Selling your assets
- Working more
- Reorganizing your debts
- Getting help from a bankruptcy attorney

6) What is a bankruptcy attorney?
A bankruptcy attorney specializes in bankruptcy law and
provides legal methods for an individual or commercial
enterprise or business to either wipe out debts by
liquidating assets and distributing them among creditors or
resolve them by developing a court-approved reorganization
plan, or other plan involving the repayment of creditors
over time.

There you have it. All your questions answered. Now you can
have more confidence in dealing with your debts and how you
can avoid and deal with bankruptcy. Now you do not need to
worry about your questions going unanswered.

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record will stay with you for at least 10 years. Find out
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