Personal bankruptcy is the second chance to which we are all entitled. It is through this legal process that an honest but unlucky person can be released from their debts.
If your financial problems have become too big, personal bankruptcy is the ultimate solution that will allow you to be relieved of most of your debts.
There are several reasons why a person may consider personal bankruptcy:
It is now time for your financial problems to disappear. Take your situation in hand and contact us at https://bankruptcy-basics.org/ if you want to file for bankruptcy. We’re here for you!
Bankruptcy is a legal process administered by an authorized insolvency trustee. When a person declares bankruptcy, his or her seizable property (several assets are protected / unseizable in bankruptcy) is delivered to sell them and then distribute the funds to the creditors.
A personal bankruptcy lasts between 9 and 36 months depending on your income and whether it is your first bankruptcy or not. Once the bankruptcy is completed, if you have followed your homework, you will be released from all your debts except those non-releasable (fines, penalties, judgments, alimony, fraudulent debts, certain student loans, and others).
To declare bankruptcy, you must consult an authorized insolvency trustee. First, it will assess your financial situation and explain the options that may apply.
If you decide to declare bankruptcy, will help you complete the various necessary forms and file your file with the official receiver.
Contrary to popular belief, you can keep most of your property despite a bankruptcy. These assets that you can keep are called “elusive” and this means that neither the trustee nor your creditors can seize them