Types of Bankruptcy
What is Bankruptcy? The bankruptcy is a legal proceeding which involving a
person or business is unable to repay the outstanding debts. All the debtor’s assets are measured and evaluated the assets are used to repay a portion of the outstanding debts.
How to Overcome The Bankruptcy
Cut the costs Contact creditors Consolidate loans Contact customer and suppliers.
Types of Bankruptcy There are two types of bankruptcy are used such as; Voluntary Bankruptcy Involuntary Bankruptcy
Voluntary Bankruptcy ď‚— Voluntary bankruptcy is typically commenced when
and if a debtor finds no other solution to the financial situation.
Involuntary Bankruptcy ď‚— A legal proceeding in which a person or business is
requested to go into bankruptcy by creditors, rather than on the person or business' own accords.
Advantages of Bankruptcy
Automatic stay Increased the credit score rating Unsecured the debts paid of Bankruptcy exemptions.
Reasons
Market conditions Financing Poor decisions making Other causes
Tips of Bankruptcy
Credit score Bank accounts Services provider Public records Employment Bankruptcy restrictions.
For Example: ď‚— Klaus Garde Nielsen is a businessman and is an
experienced business consultant which will provide the help in management consulting services.