Bankruptcy and Finding a Lawyer
A state where an individual, a partnership or a corporation cannot repay what he or they owe to creditors is called bankruptcy. For an individual or juridical entity to be declared bankrupt, a court order is often necessary which case is petitioned by the debtor. Bankrupt individuals and juridical entities are not only insolvent. Bankruptcy and insolvency have different meanings.
Bankruptcy is not applied to companies in certain countries. For companies, insolvency proceedings are held instead of bankruptcy proceedings. In some countries, Insolvency proceedings such as liquidation and administration is the proceeding applicable to corporations rather than a bankruptcy proceeding.
However in other countries, bankruptcy is wore widely used.
Bankruptcy being fraudulent is the only type of bankruptcy known in other countries.
Broken bank is the literal meaning of the italian phrase banca rotta where the word bankruptcy originated from. No bankruptcy status existed during the ancient times. Debt slavery addressed a man who is not able to pay his debt wherein him and his family, and even servants are made to be slaves to pay the debt owed. The creditor will drag the slavery of his debtor and the debtor’s family and servants until their physical labour compensates the debt or the losses incurred because of the non payment of the debt. One and his or her family can not be debt slaves forever since this may only be done for a period of 5 years. Unfortunately, slavery of servants need not follow the five year limit of being a debt slave.
Under hard condition and for a lifetime are servants of debtors made to be debt slaves. There came a rule where slaves could not be of the same nationality as their masters. And for this reason, slaves were always of another nationality than that of their masters. Fortunately the law of bankruptcy was passed. However laws imposing death penalty for those who declared bankruptcy thrice was also passed.
Life-changing and painful are the most accurate state that bankruptcy brings.
Bankruptcy hurts. Lack of knowledge on managing money is the culprit why people that goes into bankruptcy are never able to recover from it.
A person who has gone bankrupt should consider seeking counsel from successful bankruptcy survivors. There is life after the life-changing bankruptcy.
Losing your finances to mismanaging of your resources is the most painful part of bankruptcy.
What are the scenarios that would lead a person to file for bankruptcy? Ask yourself these questions. Do you pay the minimum payment due only when paying off your credit card? Do you have collection agents of bills pestering you? Do you admit that managing of your finances is a huge nightmare? Do you use your credit cards often like even buying basic necessities?