During this process a debtor goes to a court to be declared bankrupt.
Uses of Voluntary Bankruptcy
Voluntary bankruptcy is used by a debtor to erase all the debts that they may owe. This type of bankruptcy is very useful to those in debt as it helps them to start over by freeing them from their various debts, thus enabling them to have some control over their financial situation.
Voluntary Bankruptcy Services
There are many companies that are offering voluntary bankruptcy services. These companies assist people with the necessary paperwork that allows them to file for voluntary bankruptcy.
Voluntary Bankruptcy Facts
It is assumed that voluntary bankruptcy allows applicant to avoid paying their debts. This belief is not accurate, as voluntary bankruptcy has some dangerous implications as far as the assets of the debtor are concerned.
Voluntary Bankruptcy Situation
In most bankruptcy cases there is an alternative. However many people opt for voluntary bankruptcy without fully knowing the implications of their actions. It is advisable that people actually seek the advice of professional bankruptcy consultants who can advise them on possible courses of action.
Last Updated on : 10th July 2013