Aspects Of Personal Bankruptcy

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By: bankruptcyattorney
 
March 29, 2010 - PRLog -- When the debtor filing bankruptcy and makes use of the either tax identification number (TIN) or social security number (SSN) to serve the purpose of filling the forms the filing of bankruptcy is called personal bankruptcy. When a debtor files for personal bankruptcy, the bankruptcy filing is connected to this specific numerical identifier of the person. It is only the last four digits of the TIN or SSN instead of the whole number that become the part of the public records. The personal bankruptcy rules respect the privacy of the debtor and consequently, allows the creditor only to identify whether the person is approved by the bankruptcy court or not while keep the private information inaccessible.


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In case of details pertaining to an individual’s bankruptcy, the creditor, through the webPacer, can read the bankruptcy file without the permission of the debtor. All kinds of bankruptcies except the personal bankruptcy are connected to the employer identification number (EIN) or tax identification number (TIN). Personal bankruptcy is directly connected to the social security number (SSN) of the debtor. Most of the debtors file personal bankruptcy just because there are many benefits associated with it. The first factor is that the number of individuals filing for bankruptcy is always more than the number of corporate filing for bankruptcy.  In most of the corporate bankruptcy cases the directors or the proprietors usually file for personal bankruptcy too just because the debts of the business identity are guaranteed personally. Personal bankruptcy facilitates the debtor with debt discharge. Even if the business identities file chapter 7 bankruptcy they cannot avail a Chapter 13 Bankruptcy discharge.  

The intricacies of bankruptcy filing can at times be very complicated while other times quite simple. This depends on the complexity of the financial assets and situations. It is always better to seek professional assistance from bankruptcy attorneys.  

Most of the debt gets discharged when the debtor filing for bankruptcy.  Privacy is maintained because all the information about the bankruptcy applicant is not disclosed. The creditor or lender can verify the bankruptcy status of the bankruptcy applicant.

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Provide free filing bankruptcy counseling on when to file bankruptcy. We make online filing for bankruptcy a lot easier. Get free bankruptcy services, advice and help. Know more about new bankruptcy law.
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Source:bankruptcyattorney
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Tags:Filing For Bankruptcy, Filing Bankruptcy, How To File For Bankruptcy, Should I File Bankruptcy
Industry:Bankruptcy
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