Bankruptcy Laws - Resolving the Majority of Your Issues
"""The government of the United Kingdom has enacted bankruptcy laws for individuals who have incurred debts but are unable to pay them back within the allotted time or who have filed petitions with the court due to their incapacity to pay off their debts. Bankruptcy is the legal declaration of an incapacity to pay debts incurred by a debtor. A debtor performs this action to become debt-free. Two categories of bankruptcy laws exist. Chapter 7 is known as ""Liquidation"" or ""straight bankruptcy."" Chapter 13 is titled 'Repayment'.
The government offers numerous options for debtors to repay their debts. The debtor can repay his debts by dividing his assets or property among his creditors. There are numerous bankruptcies that (after the appointment of a trustee) permit a delinquent to continue his current business and use the profits to repay his debts. The primary objective of these bankruptcy laws is to liberate debtors from these financial obligations.
Permission to use future income as a remedy to pay off debts is permitted under chapters 11, 12 and 13, and chapter 11 can be considered a 'Reformation Law' because debtors are permitted to continue working while paying off their debts.
However, the new bankruptcy law has made stringent modifications. Additionally, Chapter 7 makes it more difficult for debtors to find attorneys who can defend them. Attorneys will be difficult to find and more costly. The new policy also mandates that debtors receive counseling prior to filing a petition.
It is recommended that debtors engage in debt settlement and employ debt settlement specialists to negotiate with creditors. In general, you should avoid declaring bankruptcy until you have exhausted all other options.
" - https://www.affordablecebu.com/
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"Bankruptcy Laws - Resolving the Majority of Your Issues"
was written by Mary
under the Finance / Wealth
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comments. The article was created on 02 June 2023
and updated on 02 June 2023