We all have to make certain choices in life as well as in our businesses or career life. As we go through life we will find ourselves in situations that will not be so pleasing, yet we will have to make a decision on how to deal with it. Well, in this case I am talking about bankruptcy. If you have ever been declared bankrupt, then you have an idea of how it feels and how negatively it paints on your image.
Before you declare insolvency, it is important that you look at all the available options and alternatives that may work for you. For example you could try writing to your creditors, explaining how you are going to repay them. If the worst comes to the worst, then it is wiser to go into voluntary bankruptcy.
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This is to say that you should file for insolvency before your creditors sue you, in which case this will be referred to as involuntary bankruptcy. It is important that you get to understand the facts of the law that govern insolvency. More importantly, you need to know under which chapter to file your case because different chapters talk about different modes of repayment to your creditors.
Though this is a process that you can handle on your own, it would be better to hire an attorney or a lawyer, who will be in a better position to advise you accordingly and also to represent you to your creditors. This way, you will be relieved from the nagging phone calls from your creditors as they seek to recoup what you owe them, or any further action they may be planning against you.
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