Bankruptcy is a legally declared state in which an organization or an individual is unable to meet the financial obligation towards creditors. Various countries have rules and regulations addressing this situation. In most cases, the creditors have laws allowing them to take a portion of their debtors property with the aim of recovering what is owed to them.
In this case, the creditor is allowed to file a bankruptcy petition against the alleged debtor. There are special lawyers experts in these financial situations. However it is not always that the filed petition is granted in some countries. The property of the debtor may be examined to determine whether such a petition against them can be retained. The debtor in such a case will check if he is in a position pay the creditors and in such a case, they can plead against the petition filed against them.
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Chapter thirteen (13) under the bankruptcy petition allows the debtors who have been faced with the petition to keep his property and only pay his debts from his disposable income. This is usually given for a period of three to five years. This code is used in the court for those debtors in a position to pay their debts as opposed to adhering to the penalty. It is also referred to as the wage-earner plan.
In case a debtor is allowed to keep his property but pay his debt slowly, a trustee is appointed. This is a person who under the chapter thirteen code is appointed by the court to be a representative of the debtor. Under the seventh, eleventh and thirteenth chapters the trustee has powers to act on behalf of the debtor.
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