Numerous individuals hesitate to file for bankruptcy out of fear of the social stigma they would bear among their family and friends. They are afraid that people will ridicule them, which could even impact their family members' careers. However, they would have reached a point where they have exhausted all other options and have no choice but to apply for bankruptcy.
Filing for Chapter 7 bankruptcy:
Typically, it takes several weeks and months for the relevant authorities to issue definitive orders on a bankruptcy application. During this time, the applicant must maintain composure and calmness. Indeed, perseverance is a necessity for such applicants at this time. According to some financial analysts, filing for bankruptcy actually improves the credit score of the applicant. Instead of delaying payments and receiving reprimand from the financier, the bankruptcy filing will assist him in reestablishing his business. There are numerous instances in which individuals who have been declared insolvent have returned with a positive outlook and dramatically improved their credit ratings.
How do you submit a petition for bankruptcy?
To file for bankruptcy, the applicant must seek the assistance of an attorney who will submit the application in person. This is because the attorney is aware of the documents that must accompany the application and the procedures that must be followed thereafter. Now, the application can be submitted online through a system known as PACER (Public Access Court Electronic Records). Even in this case, the application must be lodged exclusively through an attorney. In other terms, the applicant cannot file the application directly. This is necessary to ensure that all formalities have been met. Obviously, even in this case, the applicant must appear in person before the appropriate authorities to sign the documents. However, submitting the application online is preferred because it protects the applicant's privacy.""
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