Bankruptcy is the legal condition of a firm or an individual where the firm of the
individual is incapable of paying the amount owed to creditors.
Majorly, it is set off by
the debtor.
This matter requires legal interference, and thus, the debtor can be...
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Bankruptcy is the legal condition of a firm or an individual where the firm of the
individual is incapable of paying the amount owed to creditors.
Majorly, it is set off by
the debtor.
This matter requires legal interference, and thus, the debtor can be dragged
to the court and punished accordingly.
According to law, personal bankruptcy has two
forms- chapter 7 and chapter 13.
These forms deal with different types of personal
bankruptcies that are present, and to deal with the case handlings, one would require a
personal bankruptcy attorney to fight the case of the person involved in the case of
personal bankruptcy.
A personal bankruptcy attorney can fight a case from the side of
either a debtor or a creditor.
One of the two main forms of personal bankruptcy, as mentioned, is Chapter 13
bankruptcy.
Basically, it reorganizes the estate of the debtor, although supervised, in a
way that he can pay back his creditors.
The assets of the debtor are not always totally
liquidated.
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