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Bankruptcy and Finding a Lawyer

A state where an individual, a partnership or a corporation cannot repay what he or they owe to creditors is called bankruptcy. A order of the court is a must for an individual or a juridical entity to declare that he or it can no longer pay its debts to its debtors. Insolvent individuals or juridical entities are not necessarily bankrupt. Bankruptcy and insolvency have different meanings.

There are countries where the term bankruptcy only refer to individuals and not companies. For companies, insolvency proceedings are held instead of bankruptcy proceedings. In some countries, Insolvency proceedings such as liquidation and administration is the proceeding applicable to corporations rather than a bankruptcy proceeding.
Companies or individuals may be declared bankrupt in other countries.

There are countries that use bankruptcy only when it refers to fraudulent bankruptcy.

Bankruptcy originated from an italian word which if translated in English means broken bank. No bankruptcy status existed during the ancient times. Debt slavery addressed a man who is not able to pay his debt wherein him and his family, and even servants are made to be slaves to pay the debt owed. The creditor will drag the slavery of his debtor and the debtor’s family and servants until their physical labour compensates the debt or the losses incurred because of the non payment of the debt. One and his or her family can not be debt slaves forever since this may only be done for a period of 5 years. Servants on the other hand may be required to render longer period of slavery.

Creditors make their debtor’s servant their lifetime slaves under conditions that are more cruel. A law was promulgated that slaves can not belong to the nationality of their masters. And for this reason, slaves were always of another nationality than that of their masters. Fortunately the law of bankruptcy was passed. However laws imposing death penalty for those who declared bankruptcy thrice was also passed.

Bankruptcy will change you because of the burden it carries.

Painful is the feeling of being bankrupt. Unfortunately, those who go bankrupt are not able to recover because of lack of knowledge on how to address their money issues.

There are those who have recovered from bankruptcy and are very much willing to lend a hand and their experience and knowledge to a person who is bankrupt in order for him or her to be able to recover from being bankrupt. There is life after the life-changing bankruptcy.

Losing your finances to mismanaging of your resources is the most painful part of bankruptcy.

In what instances is a person almost bankrupt? Here are the questions that will make you assess if you are almost to file bankruptcy or not. Do you pay the minimum payment due only when paying off your credit card? Are you getting calls from agents about your bills? Does managing your current finances scare you to death. Are you using credit cards to buy stuff that are essential for everyday use?

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