Insolvency is nothing to be embarrassed of. After a terrible economic climate and so many people losing their livelihoods, it is not surprising that the number of people filing for unemployment benefits is rising daily.
Before making any definitive decisions, it is prudent to create a list of pros and cons. Learn as much as you can about the procedure, what you stand to lose and what you stand to gain, and catalog it all. What may be a disadvantage for some may be a boon for others; how you create your list depends on your own personal preferences.
Always seek professional bankruptcy advice from a reputable firm with extensive industry experience. This is due to the lengthy and daunting nature of the process, which involves completing mountains of forms and documentation. You cannot afford to neglect deadlines or make mistakes on the paperwork, whereas a professional company knows what is expected and ensures that all submission requirements are met.
Begin by completing the petition and statement of affairs applications. When you seek bankruptcy advice, they will be able to tell you what information you need to complete these forms. Nothing else can proceed until this is accomplished. The petition is an explanation of why you are filing for bankruptcy, while the statement of affairs is a comprehensive inventory of your assets and liabilities that helps the court determine if you qualify for this form of debt relief.
Be aware that this is not a free service, and if you're deeply in debt, you'll need to ensure you have the funds to proceed, as court fees can amount to approximately £700. You must pay these fees when you submit your forms, so keep this in mind. This is one of the disadvantages, but you must determine whether the benefits will ultimately outweigh it.
Once you have the fees and the forms are complete, you can have your employees submit the forms. Remember that there are no guarantees that you will be accepted, which is something else you should discuss when seeking bankruptcy advice.
You will be informed in due time whether your petition was approved or denied. If you have been accepted, this is the time when you will be required to surrender your assets, such as a fully paid-off residence or vehicle. This will be used to settle as many of your secured debts as feasible, with any remaining balance going toward your unsecured debts.
When you seek bankruptcy advice, you should be given information on secured and unsecured debts and how they will be treated if your application is approved. For instance, unsecured debts are froze for approximately twelve months and then written off. If you are able to pay, you will be given a lengthy period to do so, typically three years.
Before making any final decisions, it is advisable to acquire as much information as possible, then weigh your options before filling out the paperwork and submitting your request.""
" - https://www.affordablecebu.com/
