Before declaring bankruptcy

Do you know what a bankruptcy sentence is and what to do? An increasing number of people are going bankrupt due to the use of cashing loans that exceed their income and the excessive shopping with cards. If you can’t pay off all your debts even if you use all your property, you need to go to court. Bankruptcy is a system in which the property of creditors is converted into money and distributed fairly to all debtors. Bankruptcy proceedings must be filed by the creditor or debtor in court. If the bankruptcy filing is legal and the bankruptcy requirements are found to be met, bankruptcy will be declared. The court usually declares bankruptcy and appoints a bankruptcy trustee at the same time. The bankruptcy trustee takes care of the work of managing and distributing the property that the bankrupt person has to convert into money and distribute to the creditors. Self-bankruptcy is when the borrower filed for bankruptcy in court. In some cases, the borrower may have too little property to cover the cost of bankruptcy proceedings. In this case, no bankruptcy trustee will be issued, and the bankruptcy proceedings will end at the same time as the bankruptcy is declared. This form is called the simultaneous abolition of bankruptcy.


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