How to Solve Your Bankruptcy Problems
A state where an individual, a partnership or a corporation cannot repay what he or they owe to creditors is called bankruptcy. For a debtor to declare a bankruptcy status, he or it should secure a court order declaring himself or itself bankrupt. Not all insolvent individuals or entity are bankrupt. Bankruptcy and insolvency have different meanings.
There are countries where the term bankruptcy only refer to individuals and not companies. For companies, insolvency proceedings are held instead of bankruptcy proceedings. In some countries, Insolvency proceedings such as liquidation and administration is the proceeding applicable to corporations rather than a bankruptcy proceeding.
Companies or individuals may be declared bankrupt in other countries.
Fraudulent bankruptcy is the only type of bankruptcy considered in other countries.
Broken bank is the literal meaning of the italian phrase banca rotta where the word bankruptcy originated from. There was no state of bankruptcy in ancient times. Debt slavery addressed a man who is not able to pay his debt wherein him and his family, and even servants are made to be slaves to pay the debt owed. The debt slavery is lifted once the labor given by the debtor and his or her family and servants is enough to pay the debt owed and the losses incurred thereof. This type of slavery was limited to a five year period. Having the servants undergo debt slavery may be done beyond the deadline of five years.
Under hard condition and for a lifetime are servants of debtors made to be debt slaves. A law was promulgated that slaves can not belong to the nationality of their masters. And because of this, all slaves would belong to another nationality. Fortunately the law of bankruptcy was passed. However laws imposing death penalty for those who declared bankruptcy thrice was also passed.
Bankruptcy will change you because of the burden it carries.
Painful is the feeling of being bankrupt. People who go bankrupt rarely recover because they do not deal with their problem on how to manage their resources.
The best people to advise you on how to recover from bankruptcy are those people who were actually bankrupt and were able to recover. Your story does not have to end in bankruptcy.
What’s painful about bankruptcy is that you have to accept that you have lost control over our finances to the point that you no longer have resources.
In what instances is a person almost bankrupt? Here are the questions that will make you assess if you are almost to file bankruptcy or not. When you pay your credit cards, do you always only pay the minimum amount due? Are you being haunted by bill collectors through phone? Does managing your current finances scare you to death. Are you using credit cards to buy stuff that are essential for everyday use?
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