What everyone wants in life is peace of mind even in the midst of great adversity. With peace of mind he will be able to find solutions for many vexing problems. But in reality it is not so. For example a person who is in a debt trap will not have peace of mind because the creditors will be haunting him time and again for recovery of the money. The debt collectors will be frequently meeting him demanding immediate repayment of the loan. There will be frequent telephone calls and SMSes from creditors. The person loses peace of mind and he is unable to think properly.
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Bankruptcy application:
Those who are in deep debt and have no resources to repay the debt are advised to file bankruptcy application. They are advised to file the application through an attorney. Once the application is filed, the creditors are barred from approaching the debtor. In other words it is an automatic stay against all creditors from contacting the debtor for recovery of the amount due. So now the debtor has enough time to think and find a way out of the financial mess. With the harassment from creditors being stopped, the debtor will be able to find a solution to clear the debt. This is one of the greatest advantages of bankruptcy application.
Protect privacy:
Bankruptcy application normally affects the privacy of the individual. This can be rectified by appropriately changing the cookies. Wherever necessary, help of technical persons can be taken in the matter.
Situation after the court order:
Normally the court would grant some time for the debtor to clear the debt. During this period also, the creditors are barred from contacting the debtor for recovery. On the other hand, after admitting the bankruptcy application if the court makes an equitable distribution of the estate, the creditor will have to be content with it and he cannot approach the debtor again and harass him for recovery.
Do not act in haste:
Financial experts always advise the debtor to go for bankruptcy application only as a last resort. They also advise the applicant to discuss the pros and cons of the application with the bankruptcy attorney.
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