As we traverse these unprecedented times, we may face a reduction in cash flow and increased debt, eventually leading to insurmountable financial hardship. The only option to receive some monetary relief would be to declare bankruptcy. Although, due to the cash crunch, you may decide to save on lawyer’s fees and file the petition yourself, which is technically possible.
Bankruptcy can be challenging for anyone, no matter the circumstances. There are a series of requirements and tasks that people have to get through. They have to make sure that they have all the necessary documents and paperwork. If they do not, they have to work on creating or compiling it. Additionally, there are several legal requirements that they have to get through, especially if there are clients or other investors. The rules vary in terms of the number of people involved, based on whether you file as an individual, business or large company. Bankruptcy for an individual and a company is not the same but does follow a similar framework, so it makes sense to talk to an expert to learn your next steps.
If you find your debt becoming overwhelming and don’t believe you can pay them, filing for bankruptcy will give you debt relief and a second chance for a fresh new start. However, if you do not know the process, it might be difficult to file for bankruptcy.
Original Article Source Credits: NerdWallet , https://www.nerdwallet.com/
Article Written By: Liz Weston
Original Article Posted on: Oct 21, 2020
Link to Original Article: https://www.nerdwallet.com/article/finance/bankruptcy-best-option
Original Article Source Credits: The Balance , https://www.thebalance.com/
Article Written By: David Haynes
Original Article Posted on: April 18, 2021
Link to Original Article: https://www.thebalance.com/basics-of-the-bankruptcy-schedules-316222