Despite bankruptcy, the law mandates filers to exercise their choice: you can either file for Chapter 7 or Chapter 13 bankruptcy. If you have some assets that can be sold to repay your creditors and your wage is just enough to pay for your family’s living expenses,...

If you think that the process of getting all your debts discharged through bankruptcy is no hassle, then you are completely wrong. Doctors always say that when it comes to surgery, it’s always better to get it right for the first time. (...)

The global economic situation is tough nowadays that there is no telling which industry is going to get hit with bankruptcy. A few years back we have seen some well known financial companies get into mergers or buy outs in order to save themselves from insolvency. (...)

The previous bouts of economic recessions brought many people to their knees, metaphorically speaking, with the accumulated debts due to unemployment and closure of many businesses. This was evident in the number of bankruptcies filed in the years before the reform...

In ancient times, bankruptcy did not exist. People who were not able to pay their debts were put into jail or forced into what was called “debt slavery”. But, imprisoning debtors did not provide economic benefits to society so laws were made to regulate the...

The reforms to bankruptcy law enacted in 2005 made the process more complicated and harder in order to buffer it from abuse and fraud. The reforms also necessitated that more time be spent on filing and following up the bankruptcy case in court. (...)

Bankruptcy is something that people in deep financial mayhem can be thankful for because it is a way out of debts; or at least, allows a legal solution to face financial troubles fair and square. (...)

A person already too deep in debt should concentrate on clearing out his debt whether through bankruptcy or any other means of debt relief. Filing for bankruptcy is not the end of a financially distressed individual’s problems. (...)

The term bankruptcy is derived from the words “bancus” and “ruptus”, which mean “trademan’s counter” and “broken”, respectively. The concept of bankruptcy is believed to be 400 years old or more. (...)