Two Methods Of Filing Bankruptcy
There are two ways a person can become a bankrupt. The first and more common way is to have the person file a petition to voluntarily go bankrupt. The second, and rarely used way, is for creditors to ask the Court to make an Order that a person is bankrupt. In both these cases a Bankruptcy Trustee is required to administer the bankruptcy. (see Filing Bankruptcy)
The two main types of bankruptcies available to individuals deal with different debt situations in different way…
Alternatives To Filing Bankruptcy?
There is just no easy way to get out of debt, you have to face up to the consequences. A bankruptcy is not always the answer, as the effects are long lasting. There are four ways to handle debts that are out of control, listed in best to worst in regards to the effect it will have on your credit:
If your credit isn’t in terrible shape, can you reduce your other expenses, even if it means making hard choices or just change your lifestyle to fit your income? Some ways to do …