Peter Gitundu Creates Interesting And Thought Provoking Content on Finance. For More Information On How To Deal With Bankruptcy, Read More Of His Articles Here DEALING WITH BANKRUPTCY If You Enjoyed This Article, Make Sure You SUBSCRIBE TO MY RSS FEED!
An individual who is not in a position to pay off debts could choose to file a personal bankruptcy petition either under chapter 7 or 13. He must also present the court with a list of all the creditors, all the assets on his name and most important, recent financial statements. These statements will be used by the court to determine if the debtor is in a position to pay off the debts.
A meeting will then be held with the creditors, the debtor and a trustee. Under oath, the debtor will confirm a list of his assets. Once a debtor has chosen to file a personal bankruptcy petition, it will be important to know that it is not mandatory for the spouse to file with the debtor. This is if they are not part of the debt since creditors cannot pursue a debtor who does not have any connection with the debt.
In case the debt is in the name of both partners then both must file. When a debtor chooses to file a personal bankruptcy case, they worry so much that many people will know about their financial struggles but this is not reason enough for anyone to stop doing the right thing. The fact is that, though insolvency cases are normally public issues not many people will know about it.
It is only the involved parties i.e. the creditors, the trustee attorney and the court handling the case that get to know about your financial situation. Personal bankruptcy is not only for the irresponsible, there are situations out of control that make people file an insolvency petition.
- Related Articles
- Related Q&A




How to invest in Gold using mining company stocks
By: Jeff Bross | 03/12/2009Learn how to invest in gold using gold mining stocks.
A fresh gaze towards money management
By: K M Sreenivasa | 03/12/2009It helps us in paying our bills on right time. Its looks to be simple but very complicated some of us May or may not having the experience of paying bills late. This will attract late payment fees; sometimes it will be even more in the case of credit card bills. A wise money management will help us in the situation where we are not working and earnings were stopped for some time. So effect money management skills will help us away from the habit of shopping and wanted spending and spend the same
How Should You Invest in 2010?
By: Andrew Abraham | 03/12/20092010 is fast approaching. I have had conversations with colleagues..and the issue that was brought up so many times was 2007-2009 just a fluke or the beginning of something more serious. As usual... I told them to their discern I do not know the future. However in all reality... if we ran our personal households how the central banks and banks ran their portfolios we would be living on the street and I feel there will be a price to pay.
What To Make of the Current Economy
By: Destiny Bank | 03/12/2009There is no question that the past few months Americans, as well as the world, has been experiencing bad economic times. Many say it is the worst thing to happen since the last great depression in the 1920's. With so many banks, businesses and people losing their jobs, there is great instability.
Credit Card Debt Assistance: Credit Card Companies Are Giving Consumers More Chances To Negotiate Their Debt
By: John M. Stevens | 03/12/2009In today's rough economy, credit card companies know that, unless they sit down and negotiate with consumers, they probably won't get back any of the money they lent them. As a result, companies are more open than ever to settle unsecured debt.
Creating a Monthly Budget - Why You Need One
By: Joan Peterson | 03/12/2009Creating a monthly budget is essential for everyone, regardless of employment or age. Read my article to find out how you can make a monthly budget.
Making Money In The Recession - Is Making Money In A Recession Possible?
By: Joan Peterson | 02/12/2009Making money in a recession is possible and this current recession is no exception. Read my article and find out who is making money in today's economic recession.
Some Pros And Cons Of Forming A Corporation
By: Mary Mukami Gachonde | 02/12/2009Before you decide whether or not to form a corporation, there are some factors you need to put into consideration. A corporation is formed by many shareholders who have limited liabilities.
The Cost Of Making Small Business Mistakes
By: Peter Gitundu | 30/11/2009 | Small BusinessStarting up a small business is not an easy task, it requires a person to have all the basic information to be able to make money out of the venture. However, you will sometimes find that even with all the information they can get, some people still make some mistakes that later cost them so much money, including the time they have invested in putting up the business venture.
The Benefits Of Socially Responsible Funds
By: Peter Gitundu | 30/11/2009 | InvestingSocially responsible funds are investments that have two major goals in sight, one is to maximize the returns and the other one is to meet some social goals. The goals are mostly focused on the environment, human rights protection as well as consumer protection.
The Benefits Of Social Business Enterprises
By: Peter Gitundu | 30/11/2009 | Small BusinessSocial business enterprise refers to a company that does not focus on giving dividends or maximizes on profits. Its main objective is to meet a given social need. Any money that the company gets through its day to day activities or through funding is used to expand research findings and to provide solutions to the problem that the company seeks to address.
Sole Proprietorship- Determining Exposure To Liability
By: Peter Gitundu | 30/11/2009 | Small BusinessSole proprietorship refers to a type of business structure which is organized and run by a single person. This person is responsible for all the decision making, and is entitled to all the profits. Sole proprietorship is a legal business structure recognized by law and it has been in existence for ages.
What Defines Small and Micro-Cap Stocks
By: Peter Gitundu | 30/11/2009 | InvestingIn the mutual funds investment category, securities are defined by stocks and shares. Stocks come in a number of different sub categories, easing the investors decision making process. They are classified into micro, small, mid and large caps.
Stock Market Sectors- How Securities Are Classified
By: Peter Gitundu | 30/11/2009 | InvestingThe stock market invests in different securities derived from different sectors of the economy. Securities from any given sector are classified with the aim of bringing companies in the same industry together for investment purposes.
Sole Trader- The Challenges Faced
By: Peter Gitundu | 30/11/2009 | Small BusinessA sole trader is a business person who trades and manages his enterprise alone. By description, there is no legal distinction between the owner and the enterprise. All decisions are dependent on the owner, who will also take all the profits as well as absorb all the losses.
Stock Market History- How The Stock Market Has Grown Over Time
By: Peter Gitundu | 30/11/2009 | InvestingThe stock market has a long history, traced back to the United States, over 100 years ago. The government that was in place then, thought of funding the war that was going on through selling of bonds and government promissory notes.