It’s the law created to protect individuals and businesses who cannot pay their debts. The person or the organization may choose to liquidate assets or to create an repayment plan to pay off the debts when they file for bankruptcy. When bankruptcy is a possibility where the debtor is someone who owes money to creditors. In bankruptcy, a case may be started by filing bankruptcy either by the debtor themselves or by lenders. This can offer you an opportunity to start over, but it can also damage the credit score of your previous creditors that makes it harder to obtain credit in the near future.
You can check your bankruptcy records online search for Public Access to Court Electronic Records. If you declare bankruptcy with no lawyer is known as pro se. Because of the abundance of legal jargon involved in the litigation process, it’s advised to use the services of a bankruptcy attorney to defend you before the court. The lawyers are skilled and advise on eligibility to file for bankruptcy, what forms need filing, debts that can be de-emphasized or eliminated in the future, and any possible leftovers of the case.
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