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Any person who have serious debt problems sooner or later faces an important question ” if I should file for bankruptcy ?” And It is very difficult to answer this question. But any person should understand how his/her personal circumstances will influence on the repair of each solution. Before you answer “yes” on this question you must think and look for another options. There are always some chances to avoid filing for bankruptcy and you must use these chances to the fullest. And every person also has a lot of question about bankruptcy, its proceeding and bankruptcy’s consequences. There are some the most widespread questions.
What is bankruptcy in its definition?
Bankrupt is a person who declares in law that he/she is unable to pay outstanding debts.
What assets will be sold according the the bankruptcy law?
All the assets with a sale able value that you own: real estate, cars, properties abroad, furs, valuable pictures, jewelery, time share, investments and other assets with a stated value. If your home is asset you will have to move out from it, and the house will be sold too.
Will all the debts be clear?
No. Any secured debts you have won’t be clear by bankruptcy. There are also some types of debts which can not be included in bankruptcy, such like education loans, penalties, alimony debts etc.
What savings can I keep in bankruptcy?
If you receive pensions (old age pension, disability pensions, survivor’s pension) it is usually protected in bankruptcy, but other savings and investments will be used in repaying your debts.
What other assets can be kept?
You are usually allowed to keep such assets like furniture, domestic equipment, home video equipment etc.
Can I work whilst in bankruptcy?
You have right to earn money, but bankruptcy affects on your stand in business depending on what you do. For example, if you have a professional license, the regulatory body of you will be notified about your bankruptcy and that can bring you to the result that your license will be suspended. If you work as a director of a business you will have to quit your directorship and if you have a part in the business it will be sold. If you have partnership business your partners will be required to buy out your part in the business. If you work for someone, bankruptcy can not deprive you of the right to work It will be st your employer’s discretion if your occupation connected with dealing with money.
Will your privacy in bankruptcy be saved?
Unfortunately not. Bankruptcy is a court process, so your bankruptcy will be published in newspapers.
How long does bankruptcy last?
Usually bankruptcy lasts fro a year, after this time you will be discharged automatically. But in cases when the debts ere accrued through being not responsible or lavish expenses, bankruptcy can be held for a maximum of fifteen years.
Almost all of us remember the times when one could easily buy a thing even if one hadn’t got enough funds. Credit was a simple way out. It is not surprising that now many of those who applied for a loan, are searching for how to avoid bankruptcy.
People who managed to get into the condition when their expenses exceed their earnings, definitely must search for ways to avoid bankruptcy.
Being in such condition it is smart to use any means to get over it. Use such wonderful chance as the Internet technologies. Using them at full capacity can give great results. Working with search engines, forums, social networks,web sites one will find many tips to avoid bankruptcy and a great deal of other important info. Also subscribing to RSS feed on this blog will assist to keep track of new publications and tips on the topic.
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