fbpx

How many type of bankruptcy?

Bankruptcy is a term often related the state of being seriously in debt with no realistic opportunities to settle them down. However, as long as laws are concerned, bankruptcy is defined as a legal process with which can release debtors from most obligations to creditors. In other words, it is seriously a final-resort solution to provide relief and allow you to make a fresh start from your debt issues.

Types of bankruptcy

There are two types of bankruptcy:

  • Voluntary bankruptcy:

When talking about bankruptcy, people often refer to voluntary bankruptcy which means you file for bankruptcy then the petition to the Court for any amount of money that you cannot pay (within limits).

If you decide to go for this option, please ask for professional help from business law firms or experts to find better available alternatives.

  • Forced bankruptcy:

Contrary to voluntary bankruptcy, this type refers to a bankruptcy that is filed to the Court by a creditor to make you or your corporation bankrupt. This is only realized when you are given a Bankruptcy Notice for a Court judgement.

Might you get this Notice or Court papers relating to bankruptcy, stay calm and ask for legal assistance from your business lawyer

 

What is Bankruptcy?
Share on facebook
Facebook
Share on linkedin
Linkedin

Related Articles

Follow us

Let Our Experience Be Your Guide 

Get Your First Consultation Now

Legal Insight

The important of Will, Assets, Testament
Why is a Will of great importance

A will does not only have its function as a written document of your wishes and desires, but also as a protection to your beloved people with amazing benefits as below

What is a trustee?
Who can be a Trustee?

A trustee is someone appointed to take charge of your property, cooperate with you to work with creditors on your behalf and handle your bankruptcy.

Advoiding common real estate traps
Avoiding common real estate traps

Purchasing a property is an important financial and legal commitment. Don’t do it yourself. Get a professional who knows the process inside and out.

Subscribe to our newsletter

Save time

Book Appointment

Whether you want to book an appointment or get enquire, just go from here.

iLawyer

Go online and self-book to join your appointment by remote video or phone call.

We can help

Scroll to Top

Request a call back now