We all know that the law has been put in place to give us guidelines on how we are supposed to legally respond to situations that may require higher authority intervention. However, sometimes we tend to overlook the importance of the same, thinking that we are safe and nothing will befall us that will require us to face the full wrath of law.
Well, let's fight this ignorance and as we do so, let as have a look at what the rules are concerning bankruptcy. Are you well versed with these laws? As a debtor or even as a creditor, it is wise that you understand much of the contents of the law governing indebtedness, repayment, foreclosure of a business, lawsuits, repossession or any other form of insolvency as the case may be.
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There is need for you to understand the various proceedings that fall within the various chapters of the law under insolvency. The most common chapters mostly referred to are chapter 7 bankruptcy law, 9, 11, 12 and 13. They all refer to the different approaches to bankruptcy, but in here we shall have a special interest in chapter 7 bankruptcy law.
Chapter 7 of bankruptcy is all about the liquidation process. It provides for the opportunity for the debtor to hand over all his declared assets to a trustee, who will then in turn sell it off and then use the proceeds thereof to pay of the creditors. Once that is done, the debtor will receive a discharge note showing that he is cleared from all liabilities. This type of proceeding can only be applied for only once in every eight years.
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