Use this bankruptcy worksheet to help make important decisions about whether, how, and when to enter bankruptcy.
- Considering filing personal bankruptcy
- Considering filing bankruptcy for your business
When a person or business finds that they can no longer provide the means to pay their debts, they are said to be insolvent. There are many options available to individuals and businesses who find themselves in a state of insolvency, and it is always wise to consider all available options in a given situation. One option available to people and business who cannot pay their debts to creditors is Bankruptcy.
Bankruptcy is a legal status that a person or company takes on when they cannot repay their debts to creditors. Bankruptcy is a legal proceeding usually initiated by the person or business in debt, and it ends with a court order regarding how and under what circumstances certain debts can be reorganized. This bankruptcy worksheet is a helpful way to organize relevant considerations when thinking about bankruptcy. Filing bankruptcy can be an effective way of shedding excessive debt and reorganizing your finances. However, it can also have long-term impacts on your credit worthiness and ability to take out loans in the future. It is important to know where you stand before making any decision regarding entering bankruptcy. This bankruptcy worksheet is a great first step towards the resolution of your financial woes.