Steps for filing bankruptcy- easy bankruptcy process

July 24, 2010 - PRLog -- Filing bankruptcy and suffering from it is not just the problem of common people who are under enormous debts, but it’s also about the large and small companies which are also facing the same problem. This is the most difficult time for the company because it has problems regarding the staff as well as the investing agents. But now they don’t have either worry or suffer as Bankruptcyonly is there to help them out. It provides debt relief options, service relating to chapter 7, 11 and 13. Here the steps of filing bankruptcy are made simple and easy.

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There are a number of steps in filing bankruptcy. The applicants should compulsorily undergo credit bankruptcy counseling about six months before filing bankruptcy. They should also fill the form and declare their property. Secondly in the bankruptcy process he has to check for the chapter. The federal organization decides whether the applicant is eligible to file chapter 7 bankruptcy or 13 according to the process. After that the income and expenses are checked

The owned property of the applicant which does not fall under any exemption is liquidized and equally divided amongst the claimants. The possessions or valuable assets which are owned by the particular corporate are handed over to the trustee who liquidates and then distribute the cash among the creditors. Small business bankruptcy filing is also done in the same way as the big corporate companies. In filing bankruptcy for corporations, the creditors fall under the unsecured and the secured agencies, former banks were given high priority. The stock holders or the third category investors have the last claim. They are given payment only if the first two investors receive them. For business bankruptcy help one can contact attorneys and can get further details.

The cost of filing bankruptcy varies in each step. The counseling is usually free or fifty dollars can be charged. The attorney and the court fees are higher and they are up to thousand dollars in all. The straight filing of bankruptcy that falls under chapter 7 is normally more expensive and also includes upfront costs. For more information one can contact Bankruptcyonly, it’s the right choice to get the best bankruptcy services and it also helps in managing the personal finance.

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