Bankruptcy is a legal situation where an individual or a firm owes someone a credit.
The individual
or the firm is then termed as a debtor and the one whom the credit is owed to is known as a
creditor.
This matter requires legal procedure, and thus, there...
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Bankruptcy is a legal situation where an individual or a firm owes someone a credit.
The individual
or the firm is then termed as a debtor and the one whom the credit is owed to is known as a
creditor.
This matter requires legal procedure, and thus, there is a requirement of a bankruptcy law
attorney.
The bankruptcy law attorney deals with the cases relating to bankruptcy, either from
the creditor’s side, or from the debtor’s side.
Chapter 7 and chapter 13,according to law, personal
bankruptcies two forms.
These forms deal with different types of bankruptcies that exist, and they
involve a lot of technicalities, which are supposed to be handled by the lawyers of respective
parties.
Chapter 7 of personal bankruptcy gives the debtor an opportunity to emerge from a financial crisis
and start anew.
Chapter 7 states that all the property of the debtor that is non-exempt should be
sold and these proceeds are provided to the creditor to pay off the debt.
But the fresh start for the
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