A Look At Bankruptcy Procedure & Process

The bankruptcy procedure often begins with a debtor filing a bankruptcy petitiont hat is raised by the debtor or creditor.

For debts that is big, a combined petition can be raised. The creditor must prove that the debtor has been unable to pay the debts taken and did not honor the agreement signed by the creditor and the debtor.

The court now comes in picture and will determine whether to declare a bankruptcy or not. If the order for bankruptcy is given, then the court will have to appoint an Official Receiver who takes the role of controlling the debtor

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