There are many questions that will flood your mind when you have been declared bankrupt. Millions of people file for insolvency every year when they realize that they are no longer able to pay their creditors. However, keep in mind that being declared bankrupt is a legal affair that affects you in a lot of many different ways.
You might want to know how your image as a person or as a company will get affected. As your answer to this, please note that your name will be published in your local dailies and obviously this will put off some potential employers as well as business partners. Furthermore, while in this situation, you cannot hold a position of a company director; neither can you access a bank loan.
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Your second question may be which option to take. Should you file for bankruptcy or should you wait for your debtors to sue you? Think of it this way, if you were the creditor, would you be gladder if your debtors gladly accepted their inadequacies or would you rather force it down their gut? I guess you would go for the first option. Voluntary bankruptcy gives you more options to go by because you can decide which chapters of the law to file your case under.
Will your creditors stop harassing you? Of course yes. Once you have filed for insolvency and you will make it known to all your stakeholders, any further action they may be planning against you as they try to recoup their assets will definitely be stopped by an order from the court. Furthermore, all correspondence henceforth will be handled by your attorney on your behalf.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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