Bankruptcy is a stage where a person does not have any amount in his bank accounts and does not even have any cash at home. The person only has some assets like home or car and still has a major amount o be paid to the creditors. It is the worst situation that can ever happen that a person does not have any money but has a huge amount of debt on his head to be paid off.
In such cases a person can decide to declare him as a bankrupt by filing a petition in the court. The person who is seeking bankruptcy can decide on declaring two different kinds of bankruptcies depending upon their distant criterions.Continue reading “All About Loan And Bankruptcy”