Fresh Start with Bankruptcy

Fresh Start with Bankruptcy 

What is a Bankruptcy? 

My answer to the above question, is the topic I will write in detail today.  

          Bankrupt

'Bankruptcy' offers an individual or a business a chance to start 'fresh', by having the debts forgiven.  

Also, Bankruptcy offers the creditors a chance to obtain some form or portion of repayment based on what assets were available of the debtor. 

A Bankruptcy is a 'legal proceeding' involving a person or business.  I will focus on the 'person' portion of my writing today.  

          Freedom

A person in Bankruptcy is someone who is unable to repay the outstanding debts owing to all of his/her creditors.  

The bankruptcy, begins with a legal document filed by the debtors 'Bankruptcy lawyer/accountant'.  

The debtor's assets are calculated, assessed and evaluated; whereupon the assets are used to repay all or portions of the outstanding debt. 

Upon the successful completion of bankruptcy proceedings, which is approximately 14 months in length, the debtor is relieved of the debt obligations, however there are fees associated with entering this protection plan from creditors, matter of fact - big fees. 

Thank you for reading.

Ben