Is It Time to File for Bankruptcy Protection?
If you are in debt and are unable to pay them off, you can file for bankruptcy protection in the courts of law. Bankruptcy protection entails writing off your debts or your assets sold to pay creditors. For a business bankruptcy, it may involve either a total or limited reprieve from debts or contracts or closing down the company and selling off all assets to pay off creditors. Another strategy is to file for chapter 13 bankruptcy. This involves a court approved strategy by the debtor to form a plan to pay of the debts gradually over a period of time like 3 to 5 years. This is a type of personal bankruptcy.
