Bankruptcy
Bankruptcy is a legally declared condition of insolvency of a person or organization. Bankruptcy petition is filed in US Federal Court where the affairs of bankrupt person are turned over to a trustee or receiver for administration under the bankruptcy laws. There are two types of
bankruptcy: Involuntary and Voluntary. Involuntary bankruptcy is occurred when creditors of an insolvent debtor file a petition having the debtor declared bankrupt. Voluntary bankruptcy is occurred when the debtor files a petition claiming inability to meet financial obligations and willingness to be declared bankrupt. In chapter 7 bankruptcies a trustee may sell the borrower's assets and use the proceeds to repay the creditors thereby removing all debts. Chapter 13 lets a borrower with an income to pay bills off over a set period of time. In our company we will help you to complete the petition of chapter 7 &13 and file it with the court.
