Bankruptcy is guided by a number of rules and regulations that you should adhere to as you seek to go through the legal procedures as required by law. I know this may sound a bit absurd considering that your situation is already bad enough now that you are already in debts. Just before you come to the conclusion that life can't be more unfair, just take time to read this as it may actually be the guide that will save you a lot of hassle.
Bankruptcy rules apply from the time when one is declared insolvent right through to the time the creditors have been repaid, either fully or as the court of insolvency rules out. Declaration of insolvency is either voluntary or involuntary, meaning that a debtor can choose to file a case and report that he is no longer in a position to repay his creditors, or the creditors can sue him.
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Insolvency cases are filed under some given chapters of the law. They are 7, 9, 11, 12 and 13. It is best that you understand what is required of you under each chapter so that you know which rule best suits your situation. Chapter 7 and 13 are more commonly preferred because they seem to fit into many debtors' preferred arrangement for payment.
Another bankruptcy rule that you will learn sooner than later is that it is always best to first consider all the available options and alternatives before filing for insolvency. Always go for insolvency as the last option. As a rule of thumb, never go through the process alone. Hire the services of an experienced attorney or lawyer who will correctly represent you in court and will handle any correspondence with your creditors henceforth.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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