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Bankruptcy defined – There are two types of bankruptcy

Bankruptcy defined

Bankruptcy is a legally declared inability or impaired the ability of an individual or organization to pay its creditors. A State declared bankruptcy can be requested by creditors in an attempt to recover some of what they are owed, however, in the vast majority of cases, bankruptcy is initiated by the person or organization in bankruptcy.

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Under the protection of bankruptcy court, debtors may be exempted from or is discharged debts perhaps by the payment of a part of each debt. bankruptcy judges preside over these actions. The person with the debt which is called the debtor and persons or companies to which the debtor owes you money are called creditors.

When you cannot pay your debts, which is subjected to the protection of the State. A person or company can file for voluntary bankruptcy, or it can be requested from bankruptcy by its creditors. Once in bankruptcy, the person surrenders your assets to a trustee in bankruptcy, which sells goods for the benefit of creditors have broken, first of all creditors secured then unsecured creditors. Once a person is discharged from bankruptcy, none of his old creditors can pursue it by their previous debts.

The primary purposes of the laws of bankruptcy are: (1) to give a debtor honored a “fresh start” in life by relieving debtors of most debts, and (2) to pay creditors in an orderly manner to the extent that the debtor has the means available to the payment.

There are two types of bankruptcy: the involuntary bankruptcy when creditors or lenders file a petition against the debtor (the person in debt), and voluntary bankruptcy, when the debtor files a petition claiming inability to meet the needs of the creditors.

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Bankruptcy defined – There are two types of bankruptcy

Bankruptcy defined – There are two types of bankruptcy

Bankruptcy defined

Bankruptcy defined – There are two types of bankruptcy

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