It is crucial to have accurate information about bankruptcy because this financial measure can permanently alter the life of an individual or business. The first piece of information about the procedure is that the court never requires a person or business to petition for bankruptcy. Everyone is free to make a choice. By filing a petition, the debtor notifies the court that he or she is initiating the bankruptcy procedure. This straightforward petition form aids the court in examining the credit history of debtors, as well as listing the number of creditors and total debts owed. People can employ a bankruptcy attorney to obtain comprehensive information. Many debtors do not employ these professionals because doing so would increase their costs.
There is no requirement for debtors to acquire comprehensive information about the bankruptcy, as doing so can exacerbate perplexity. One of the most widespread misconceptions about the process is that all repossessed property is seized by the court. Individuals must have a clear understanding of their circumstances and outcomes in order to file for the appropriate chapter of bankruptcy. There are three primary chapters in the bankruptcy filing:
• Chapter 7 • Chapter 13 • Chapter 11
Results can vary and hinge entirely on the chapters.""
" - https://www.affordablecebu.com/