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    The-Meaning-Of-Bankruptcy-Is-Insolvency.-The-Word-113 The-Meaning-Of-Bankruptcy-Is-Insolvency.-The-Word-113 Document Transcript

    • The meaning of bankruptcy is insolvency. The word insolvency denotes that the person is unable to repay dues and other pending outstanding dues. Your creditors will not be capable of collecting fund from you if you declare that you have become insolvent. How can one file for bankruptcy? One has to follow certain rules and guidelines in order to file insolvency in court. In this connection, you must talk to a bankruptcy lawyer to learn how to register the insolvency case at the court. One thing that you have to be specific when youregister you name with the bankruptcy if youare willing to repay your debt in the future or want a total exemption from the debt.Bankruptcy Laws
    • Few Facts to Be Remembered There are a number of important pointsthat you will have to learn before submitting the application for thedeclaration of insolvency * Yon must be eligible to file for bankruptcyMake effective conversation with attorneys * 9You should be wellconcerned about the types of insolvency
    • * It is important to check the terms and conditions of the applicabledocuments/bankruptcy connected contract * You should prepare legaldocuments with perfection * Seek reviews and feedbacks from legalexperts before filing Types of Insolvency Generally two types ofbankruptcy / insolvency exist, chapter 7 and 13
    • You must discuss the matter with your lawyer which chapter will bebeneficial and applicable to you Whether you have assets or not for therepayment of your previous debts is what verifiers will verify in chapter 7The court will declare the verdict whether you are eligible to opt forChapter Bankruptcy Laws 7 On the other hand, if you have the financialcapacity to clear dues within certain period of time, then you can apply forthis under chapter 13
    • However, at present you have no fund to pay your creditors or anyfinancial institution Demerits of Bankruptcy It is wrong to think that youare completely exempted from debt after the declaration of insolvencyYou must admit that insolvency is not good for keeping social statusSecondly, in case you announce that you are financially ruined andbankrupt; creditors will close all the previous dealings and contractswhich you dealt with creditors
    • In future, it will be very difficult to get loan or any financial support frombank or private money lenders The bankruptcy will affect your creditsores very badly The bad reputation will result in professional moneylending centers showing reluctance to discharge loans to debtors whosuffer from liquidation Eligibility of Opting for Chapter 7 In order toregister for bankruptcy case under chapter 7, one has to keep in mindcertain eligibility guideline for it
    • According to lawyers, candidates/applicants must qualify Means Test forgetting advantage under Chapter 7 According to the test whether youhave property for liquidation will be checked by bench of jury and verifiers In such situation, you will have to prove your incapability to make thedown payment at present For the clearance of the debt any property youhold will be liquidated
    • You must be well acquainted with bankruptcy law in this regard Youshould collect updated bankruptcy information and how to get advantageby enlisting name under insolvency It is important to choose a lawyerwho is competent and has vast knowledge an experience in the area ofbankruptcy filing
    • Bankruptcy Laws