Insolvency application:
Those who are deeply in debt and have no means to repay their debts are advised to apply for bankruptcy. They are advised to submit the application through legal representation. Once the petition has been filed, creditors are prohibited from contacting the debtor. In other words, it prohibits all creditors from contacting the delinquent in an effort to recover the amount owed. So now the debtor has sufficient time to reflect and devise a plan of action. With the end of creditor harassment, the debtor will be able to find a way to pay off the debt. This is one of the greatest advantages of filing for bankruptcy.
Protect discretion:
Typically, a person's privacy is compromised when filing for bankruptcy. This can be remedied by altering the cookies accordingly. When necessary, technical assistance can be sought in the matter.
Situation following a court order:
Typically, the court would grant the debtor some time to repay the debt. During this time, creditors are also prohibited from contacting the debtor for recovery purposes. Alternatively, if the court makes an equitable distribution of the estate after approving the bankruptcy petition, the creditor will be required to accept it and will be prohibited from approaching the debtor and harassing him for recovery.
Act without haste:
Financial professionals always advise debtors to file for bankruptcy only as a last resort. They also recommend that the applicant discuss the application's advantages and disadvantages with a bankruptcy attorney.""
" - https://www.affordablecebu.com/
