What is bankruptcy?
Filing for bankruptcy means going through a legal procedure that involves a person or business entity becoming unable to repay or furnish their outstanding debts and loans. The process of filing for bankruptcy starts with the submission of a petition in which the debtor is the main party. Sometimes the case may also be filed by a party on behalf of the creditor. Once the case is accepted, all the assets and holdings of the debtors are listed and evaluated and then considered for repayment of the outstanding claims and loans. Once the process of bankruptcy and sale of assets and repayment of loans are completed, the debtor becomes free from the loan claims that were due to him. Hence bankruptcy is a state or financial condition in which the bankrupt party is unable to meet its loan repayment requirements.
What is bankruptcy request form?
The bankruptcy request form is an application from the debtor that is submitted in the court of law. It’s an objective to request the court to declare the company or person bankrupt and disclose its disability to repay its creditors.
Bankruptcy is a legal proceeding and provides a legal cover or protection to the bankrupt company against its creditors or loan givers. The bankruptcy request form contains general information about the borrowers along with details of the assets and financial performance and condition. It shows the court that it is not in a good financial position to repay its debts and request to be declared bankrupt to get protected from any other form of litigation by the creditor.
Debtor’s Bankruptcy Request Form
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