Some Of The Reasons For Filing A Personal Bankruptcy Case
An individual who is not in a position to pay off debts could choose to file a personal bankruptcy petition either under chapter 7 or 13. He must also present the court with a list of all the creditors, all the assets on his name and most important, recent financial statements. These statements will be used by the court to determine if the debtor is in a position to pay off the debts.
A meeting will then be held with the creditors, the debtor and a trustee. Under oath, the debtor will confirm a list of his assets. Once a debtor has chosen to file a personal bankruptcy petition, it will be important to know that it is not mandatory for the spouse to file with the debtor. This is if they are not part of the debt since creditors cannot pursue a debtor who does not have any connection with the debt.
In case the debt is in the name of both partners then both must file. When a debtor chooses to file a personal bankruptcy case, they worry so much that many people will know about their financial struggles but this is not reason enough for anyone to stop doing the right thing. The fact is that, though insolvency cases are normally public issues not many people will know about it.
It is only the involved parties i.e. the creditors, the trustee attorney and the court handling the case that get to know about your financial situation. Personal bankruptcy is not only for the irresponsible, there are situations out of control that make people file an insolvency petition.
If you feel bad about doing your bankruptcy probably you shouldn?t. Congress created bankruptcy as a way to get you out of debt. They want you out spending again so that you stimulate the economy. If you?re out spending merchants are making money and they?re getting a tax write off because you did your bankruptcy. They are not losing the money. Another thing to consider with bankruptcy is it?s a business decision. I?m in the business of managing Paolucci Law, I?m also in the business of managing my personal finances. You?re in the business of managing your personal finances. If you have an opportunity to wipe out say 30 or 40 thousand dollars debts with around a thousand dollars in bankruptcy fees, is that a good deal business wise? The answer should be yes. And that is the way to go into a bankruptcy, if it is good for your business, you should do it. PaolucciLawFirm.com ? Paolucci Law is a respected Northern Illinois and Northern Ohio bankruptcy law firm focusing 100% on consumer bankruptcy law. Attorney Dean D. Paolucci will get you out of debt. Live Again, you deserve it! Video Rating: 0 / 5
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