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A person may be declared bankrupt with an application submitted to the court by the creditor or with an application to recognize his own bankruptcy. Legal and natural persons, including individual entrepreneurs, who have an indisputable payment obligation exceeding 60 days and amounting to more than one million AMD can be declared bankrupt.
The primary reason many people consider bankruptcy is that they cannot keep up with their debts. When, for instance, credit card balances spiral out of control due to high interest rates and ...
PACER (acronym for Public Access to Court Electronic Records) is an electronic public access service for United States federal court documents. It allows authorized users to obtain case and docket information from the United States district courts, United States courts of appeals, and United States bankruptcy courts.
Bankruptcy filings have increased more than 12% in the past year. If you feel like you're drowning in debt and don't know a way out, bankruptcy is one option. ... Most People Don’t Realize You ...
However, some state courts have begun to find individual corporate officers and directors liable for driving a company deeper into bankruptcy, under the legal theory of "deepening insolvency". [ 12 ] In determining whether a gift or a payment to a creditor is an unlawful preference, the date of the insolvency, rather than the date of the ...
Of course, filing for bankruptcy doesn’t necessarily mean a business is going bust. Companies tend to use the Chapter 11 process to wind down some operations, tackle mounting debt and save on ...
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