What is bankruptcy? It is defined as a process by which a debtor clears his debts with the help of the Bankruptcy Court (Federal Court). A debtor can file for bankruptcy under the bankruptcy laws of... More > Chapter 7 and Chapter 13. Filing for bankruptcy is the last resort because it can blemish the credit report for nearly ten years. A debtor files bankruptcy based on the amount he owes his creditors. Depending on his type of debt he can choose the form of bankruptcy - Chapter 7 and Chapter 13.
If Chapter 7 is the form of bankruptcy chosen by the debtor, the court cancels all his debts provided he surrenders all his properties. However, if he chooses the Chapter 13 as his form of bankruptcy, he is allowed to keep his properties but he has to deposit a stipulated amount in the court to clear off his debts.
Scroll up... and click on "Buy Now" to deliver almost instantly to your Nook or other reading device.< Less