The process of filing for bankruptcy is a personal decision and a last resort for a person in debt. It is decided only after having tried to pay their debts back.
Formalities of Process of Filing Bankruptcy
After filing for bankruptcy, under the law, the applicant is protected by the courts.
There are procedures that have to be followed. For example, the debtor has to provide information of their properties. Included is the details of their various debts, expenses and earnings. If an applicant doesn’t provide the needed information their case may be rejected.
Role of Lawyers in Process of Filing Bankruptcy
Lawyers have a very important role in the bankruotcy process. They prepare and file the petition on behalf of the debtors. Applicants have a better chance at success if they hire a lawyer than if they try to represnt themselves.
Last Updated on : 10th July 2013