If an individual makes the decision to go bankrupt their assets will be possessed in order to pay off their debts. The assets that can be obtained by the courts include possessions, the home of the individual and the income they are earning. By choosing the go bankrupt an individual must agree with certain restrictions that will be imposed, their financial affairs will also be extensively investigated.
An individual is likely to turn to bankruptcy as the lost solution their debts that they cannot pay. The assets of the individual will be used in order to pay creditors.
Before choosing to go bankrupt individuals are advised to consider whether it is the correct way to deal with their debt problem. It is only possible to go bankrupt by a court allowing an individual to do so, the court must order a bankruptcy order against an individual. An individual can petition to the courts themselves or people who are owed money from the individual can request that they are made bankrupt. In order for creditors to make the request for somebody to made bankrupt the amount of money that is owed must exceed