Proceedings filing for bankruptcy are either voluntary to the debtor (the bankrupt), or, involuntary as requested by his creditors hoping tore-gain the portion they are owed. In the process, the person or corporation that has been declared/adjudged as bankrupt is no longer
held accountable for his debts, as his preferred creditors (preferably his unpaid employees or the government) are paid in full, while the proceeds of his remaining (non-exempt) assets are shared to his other creditors).
This briefing of bankruptcy information may save you from paying your debts, or carefully avert you from deviating form its legal proceedings, yet, the debtor opting to file a bankruptcy declaration must know absolutely all bankruptcy information and practice vigilance in not intentionally using such bankruptcy information to commit legally accountable fraud.
held accountable for his debts, as his preferred creditors (preferably his unpaid employees or the government) are paid in full, while the proceeds of his remaining (non-exempt) assets are shared to his other creditors).
This briefing of bankruptcy information may save you from paying your debts, or carefully avert you from deviating form its legal proceedings, yet, the debtor opting to file a bankruptcy declaration must know absolutely all bankruptcy information and practice vigilance in not intentionally using such bankruptcy information to commit legally accountable fraud.
