Bankruptcy simply means inability of the debtor to pay his creditors. His liabilities have overshot his assets and he is no more able to balance the resources to clear the debts. In such cases, the debtor can file a bankruptcy application which is called a voluntary bankruptcy. If the debtor is reluctant to file such an application, then the creditors can file ‘involuntary bankruptcy application’ against the debtor. The Bankruptcy law is known to have been first enacted in England in the y
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When nothing works, the businessman has no other option but to close the business. With depleted profit, his liability would increase and he is left with no means to meet the liability and this forces him to seek bankruptcy. It would not serve any purpose to drive a business which is in deep debt and for which the market is not favorable for the company to revive it in the near future. This is because the creditors cannot wait till the market fully recovers.

Some major businesses filed bankr
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Profit and loss are part of every business. But where there is loss and appropriate corrective steps are not taken, then the losses may accumulate and the businessman may reach a stage where he may become insolvent or bankrupt. Even those who are in employment may reach a stage of bankruptcy if they do not properly manage their budget and if they get themselves trapped in debt. In such a case they have no other option but to file an application for bankruptcy.

Many people hesitate to file ap
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Generally speaking, individuals think more than twice before filing a bankruptcy application. One of the reasons for this hesitation is the stigma that they and their family members would carry once they are declared bankrupt. Apart from this, after declaration of bankruptcy, their credit standing takes a nose dive and they find it hard to raise loans. So some financial advisers say that an individual will have to think carefully before filing a bankruptcy application. The financial advisers sug
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Filing personal bankruptcy involves considering various options along with the necessity to be aware of different kinds of bankruptcy that are available for filing. The process of filing personal bankruptcy involves a lot of effort and also consumes a lot of your energy. The process of filing bankruptcy leaves profound implications for the person who has claimed for bankruptcy protection. This stressful condition can be lessened by the accumulating knowledge about the kinds of bankruptcy avail
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