Most people today are going to court to seek protection from the harassment of creditors once they have been unable to pay their debts. There are mainly two chapters under which bankrupt people can file a petition. The liquidation chapter has some of the debtors property sold in order to pay off outstanding debts. There are several facts that the debtor must equip himself with when such a situation occurs.
In Personal bankruptcy filing, one can protect their personal property from being taken over by the creditors. One risks being sued by the creditors and losing all they have if they do not file a financial distress petition in court. This move will protect the consumer property especially if the property cannot cover the debt once sold. The court must evaluate property such as an automobile and house, if they will not be worth the net debt then the debtor will be allowed to retain such property.
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Many people live in fear that once they file a personal insolvency petition, creditors may continue to harass them. The truth is that immediately the court has received the petition, it stops the creditors from any collective action against the debtor. The court appoints an attorney who is to answer to any creditors. There will be no more communication between the creditor and the debtor once the petition has been filed.
Debtors should be advised that personal bankruptcy could be the only option left when all has been done to no avail. It is important for anyone willing to go this way to get advice from the appropriate persons to allow them make informed decisions.
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