In such a situation, your creditors will likely file a petition against you, or you can declare bankruptcy if you are certain you cannot pay your debts and need the court's intervention. Filing for bankruptcy is a good way to insulate yourself from creditors who may harass you over your debts, despite the fact that the process may be somewhat tedious.
The majority of individuals choose to file for bankruptcy themselves, rather than waiting for creditors to do so on their behalf. The first step in declaring bankruptcy is to locate a reputable attorney to guide you through the process and obtain the most equitable judgment. You can easily locate a competent attorney through the Internet or by speaking with friends who are familiar with competent bankruptcy attorneys.
Once you have selected an attorney you believe to be competent and experienced enough to see you through your case, you must organize your financial documents and reports. In addition to bank statements, invoices, and pay stubs, the documents should also include other essential financial documents. The attorney then analyzes the reports and selects the best course of action for you before representing your case in court.
Similarly, you are required to compile a list of your assets and liabilities under the supervision of your attorney. The list is then presented in court with the remainder of your documents to assist the court in determining your case. You are expected to be completely truthful in your reports; otherwise, you could go to prison for perjury. Your attorney must be aware of all of your financial information in order to effectively argue your case and obtain better terms for you.
After the court's analysis, a final decision will be made, which could entail the sale of your assets to offset your debts or a repayment plan that makes it easier for you to pay off your debts over a period of time.
" - https://www.affordablecebu.com/
