When you find yourself in a spot of financial trouble, a viable method to proceed is to declare bankruptcy. This process is a process by the order of the court by which an organization or an individual can relieve themselves of debts. This does not mean that those debts are paid off or will be relinquished from your responsibility, but rather just that you can hold onto your assets without creditors and loaners coming to collect on you. The ultimate goal when it comes to bankruptcy is to provide the applicant a fresh start in their financial endeavours whilst taking creditor interests into account. There are also two different ways you can apply for this bankruptcy.
The first form of this bankruptcy is known as chapter 7 bankruptcy. In some ways it is also known as “liquidation bankruptcy”. The process begins once the applicant has filed a petition with the appropriate bankruptcy court. The petition must include all details of the applicant’s property, financial situation and debts. The court will then appoint what is known as a “trustee” to determine if any property of the individual that should be sold off.
Chapter 13 bankruptcy works similarly while also allowing you to repay your debts back over a period of time. If you wish to find if you are eligible for bankruptcy, you should contact your local bankruptcy attorney. Wherever you are in the states you can find one to help you out of your financial situation. For instance, a bankruptcy attorney Dalton GA candidate would have to be James M. “Jack” Setters. You can visit their website here at http://jsetterslegal.com/ to find out if they have a solution for your economic state and if declaring bankruptcy is a viable path for you to take in your own stride.