Filing for a US bankruptcy
petition is not the end of the world. It actually opens a lot of opportunity
for you to restart your life and get a clear head on with the future.
Essentially, it is help, a legal help, in which those who are indebted can
finally be able to pay their creditors. Bankruptcy will either liquidate your
available assets or draft a repayment plan for you to be able to pay your
debts.
If you’re facing loans and
you owe a lot of people a lot of money and they're filing a lawsuit against
you, consider filing a US bankruptcy
petition. Here's what you're going to do:
1. File the petition on the bankruptcy
court, which is the Federal court because they have exclusive jurisdiction over
all bankruptcy cases.
2. In your petition list down all your
assets, your income, your liabilities, and the names and addresses of the
people or the organization that you owe money with. Also include in the
petition how much you actually owe them.
3. When you finally filed the petition, it
will serve as your protection from further debt collection by the people or
organizations you owe money with. It will absolve you from lawsuits and wage
garnishments. They wouldn't even be allowed to call (telephone) you to harass
you to pay the debt.
4. The court will issue a notice on your
creditor that you have filed a US bankruptcy
petition. So this time you have to reassess your situation and look for
better opportunities to be better.
Liquidation
of the property is usually what's involved in most bankruptcy cases. However,
some cases leave the debtor little or no money after liquidating his properties
and this raises some disputes, which by the end will leave the debtor
discharged from all hi financial obligations from his creditors.
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