What is a bankruptcy?

Are you not able to pay off your debts? If yes, then bankruptcy is the best option available for you that ensures your assets are shared out fairly among your creditors and you can make a fresh start. It helps to keep credit flowing in the country and also eliminates the load of excessive debt. Thus, it is quite crucial to the functioning of a modern economy (United States).

An individual can be made bankrupt by anyone bound by an IVA (Individual Voluntary Agreement) or the supervisor, involuntarily or by the debtor himself. Now, you must be wondering what can be the result of insolvency……

Significance of Bankruptcy

• One cannot participate in the management and formation of a Limited Company without the consent of court.
• You cannot become a member of parliament.
• Lose a right to control your assets.
• After the cancellation, your credit is affected for several years to come.
• Just can’t become a Member of Parliament and may not practice as a lawyer and Charted Accountant.

Readers! The mentioned above are implications of going bankrupt. Doesn’t sound good! Don’t fret! Here are some of the benefits which are sure to bring a smile on your face:

• You can have a reasonable amount to live on by keeping some household goods.
• Unless the debts are secured on your property or home, creditors can’t take action against you.
• No personal deal with creditors.
• After one year, you can live your life happily and peacefully.
• Surely, pressure is taken off on your shoulders.
• Money owed by you will be written off and thus allow you to make a new beginning of your life.
• Creditors will have to make their claim to the trustee instead of chasing you for the financial obligation.

Friends! What are you waiting for? Schedule your consultation with the highly qualified bankruptcy lawyer of that takes away the stress out of your life and gives you the best assistance! Go ahead! After all it’s a matter of financial distress!