What is bankruptcy?

Asked Aug 31, 2014
Bankruptcy is a process in which consumers and businesses can eliminate or repay some or all of their debts under the protection of the federal bankruptcy court. For the most part, bankruptcies can be divided into two types, liquidation and reorganization
Answered Dec 13, 2014
Bankruptcy is not something to take lightly. Very few people who have been through bankruptcy would tell you that it is a painless action, wiping the slate clean, after which you just go off into your new future to start fresh, without a care.

For most people the thought of bankruptcy is devastating enough having it become a reality is very painful and comes accompanied with an overwhelming sense of failure. If you are feeling trapped and like you have no options, because you are crippled by debts you don’t have to be.
Answered Sep 18, 2014
Bankruptcy is not easy , people filing bankruptcy are must aware the laws on how to file . Then have a attorney to ask for the right plan or advice for filing bankruptcy.
Answered Oct 02, 2014
Bankruptcy refer as a state of the person which is not able to repay to creditors. That person will be imposed by the court orders.
Answered Nov 17, 2014
Yes, true ..,because filing bankruptcy is not easy , must be asking advice for the experts.
Answered Nov 29, 2014
yeah! its true, it is a legal procedure for liquidating a business which cannot fully pay its debts out of its current assets.
Answered Dec 25, 2014
It means the state of being completely lacking in a particular good quality
Answered Dec 27, 2014
Much better to consult your attorney for advice.
Answered Jan 14, 2015
Bankruptcy is a way for people or businesses who have more debts than they can handle to either work out a plan to repay the money they owe over time, or to eliminate their debts entirely. Among the different types of bankruptcies, Chapter 7 and Chapter 13 proceedings are the most common for individuals and businesses. Chapter 7 bankruptcies normally fall in the liquidation category. This means that if you own property, it could be taken and sold in the process of liquidation in order to pay back your debts. Conversely, Chapter 13 bankruptcies generally fall under the reorganization category, meaning that you will probably be able to keep your property, but you must submit and stick to a plan that will allow you to repay some or all of your debts within three to give years. There are many law firms which offer bankruptcy services and make you debts free in legal way. Howard Warner Law Firm is one of them.
Source: http://howardwarnerlaw.blogspot.com/
Answered May 20, 2016

TIP: If it's not your answer to this question, please click "Leave a Comment" button under the question to communicate with the question owner.