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Compose a 1500 words assignment on fears of debtors filing bankruptcy. Needs to be plagiarism free!
Compose a 1500 words assignment on fears of debtors filing bankruptcy. Needs to be plagiarism free! When most people hear the word bankruptcy they associate it with the bad reputation and loss of image in relation to money. Bankruptcy refers to the lawful happenings mostly concerning an individual or even a business that is not able to pay back amount overdue owed to a bank or an institution. Normally the bankruptcy procedure will start with the person owing the debt. the debtor petitioning the bank to file for bankruptcy (Pelc, 91). This method is the most common in a great number of situations. The other method which is not very common includes the bankruptcy petition being done on behalf of the creditors. After the process is filed, the relevant authority, be it the bank, government or any monetary institution will asses the person filing for bankruptcy. The appraisal will then be done on the debtor’s properties which will be measured and evaluated. Thereafter the properties might be used to repay part of the debt overdue. Once the bankruptcy procedure is completed the debtor will be relieved of the debt commitment incurred with the relevant institution before filing for bankruptcy. Therefore this implies that bankruptcy is a lawful position of an insolvent individual or an association, that is, one who is not able to pay back the debts they are obliged to creditors. The bankruptcy will be forced by a court order that is often started by the one in debt. For companies or big organizations, the process will lead to liquidation or a partly administration by a holding party.
For example, you might take a loan in the bank for a particular purpose and you sign an agreement of repaying a certain amount of the loan every month or after a period of time, unfortunately, you lose your job that you were relying on to repay that particular loan. .
