|
Bankruptcy can be defined in simple terms as an inability to discharge all your debts as they come or become due. It is also known as a legal process that is intended to insure equality among the creditors of a corporation declared in bankruptcy. In other words, bankruptcy is a state of a complete lack of some abstract property. The decision to file for bankruptcy is quite painful for the individual or organization that has gone bankrupt. The feeling of bankruptcy is often accompanied by unnecessary guilt and/or shame. The anxiety and guilty feeling often causes due to the bankruptcy’s public nature. However, bankruptcy is not the end in itself and filing for bankruptcy is a legal way to recover from the web of financial problems. Filing for bankruptcy gives a legal status for the bankrupt person/organization that such person or organization cannot repay the debts they owe to their creditors. In the process, the creditors get a guarantee of some amount of repayment from the available assets of the debtors’. The process of bankruptcy involves the below mentioned course: • A petition is filed by the debtor (in majority of cases) or by creditors (least often). • The concerned debtor’s assets are then measured and evaluated by way of a Means Test. • Assets are then used to repay a portion of the debt as determined by the Court. • Upon completion of repayment, the debtor is relieved of the debts that made filing mandatory in the first place. The basic process as mentioned above is difficult and it is not that simple in practical sense as filing for bankruptcy involves lots of paper work and different legal processes. Therefore, the best way is to hire a bankruptcy attorney in Jacksonville Fl who is prepared to guide you through the process in such a way that you feel comfortable, confident and overwhelmed. The bankruptcy attorney in Jacksonville, FL has lot of patience and believes in a respectful consultation with you. The bankruptcy attorney in Jacksonville, FL will have the best interest in mind in every step of the way, so that the concerned debtors’ receives all rights to which they are entitled. The basic steps about bankruptcy as mentioned above cannot be regarded nor relied upon as legal opinion to all circumstances as each bankruptcy case is different that requires individual advice or consultation with a bankruptcy attorney, Jacksonville, Fl.
Related Articles -
Bankruptcy Attorney Jacksonville FL, Chapter 13 bankruptcy lawyer FL, Chapter 7 Bankruptcy Jacksonville,
| 
