All about bankruptcy

Well, what can you want to know about bankruptcy that you don't already know? If you are looking for information about it, your financial situation must be in dire straits. Your situation is probably something like this. Your creditors are hounding you for payment, and your credit is practically worthless because of the poor reports that they are filing against you. You have heard that bankruptcy can give you a second chance financially. Basically, that is what it supposedly does. It allows you to erase your debts and to start over again with a clean slate. When you file for bankruptcy protection, your creditors are informed about it by the court and you will not be harassed legally by them.

When your bankruptcy has been declared, your assets will have been shared by your creditors if you had assets. The assets that you were allowed to keep like your primary residence will be yours to continue living in without foreclosure if you can pay your bills.

If you have employment or can show income as due or coming in, bankruptcy will allow you to stay in your house. If you have no employment and no income, your house will be taken and shared by your creditors once your mortgage company has impounded their property.

Once you filed to declare bankruptcy, your judge at the court where you filed, will inform you when your case will be heard and what documents you need to bring with you and what documents to file. You will have a bankruptcy charge filed with all of the credit reporting agencies. If you have private credit with suppliers as in a business, you might be able to continue to do business if they don't object which they probably will. Filing for bankruptcy is a serious matter. You should consult with your attorney and with a financial consulting agency before going ahead with it. There are aspects to bankruptcy that you may not be told unless you ask. Making a list of questions before going to see a lawyer of financial agency will help you to better understand what it means.

Source: http://business.ezinemark.com/all-about-bankruptcy-1856ed75b34.html

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