Filing for bankruptcy is not an easy task. It involves a lot of commitment and legal proceedings must strictly be adhered to. There are a number of laws relating to bankruptcy. It should be in your own interest to understand them since you never know when you find yourself in insolvency.
The rules that outline the procedure for filing a bankruptcy petition fall in five chapters, commonly referred to as chapter 7, 9, 11, 12 and 13. You are therefore required to be aware of the kind of petition you need to file so that you do not find it complicated in the process. Normally, if you are an individual who is no longer able to pay creditors, you are advised to file your case under chapter 7 or 13. The procedure follows that you should look for an attorney who will assist you with that filing process.
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What follows is that your creditors have to be notified of the fact that you have declared your financial incapacitation to pay them. This will stop them form pursuing you further as they try to recoup what you owe them. Consequently, you, your lawyer and your creditors will have several meetings, trying to agree on how payment will be done. Normally, this happens in court, in the presence of the jury.
The procedure is relatively the same for businesses that have gone bankrupt. On the other and if your creditors file a petition before you declare insolvency, you will still need to look for an attorney to represent you as you appear in court for the charges. It is highly recommended that you attend counseling classes before all the proceedings take off.
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