The Best Bankruptcy Law Firm in Houston TX
The document that is submitted under a specialized federal court to appeal for help in case of debt. Here the debtor is unable to pay the debts or satisfy the claims of the creditors after the due date.
Kinds of Bankruptcy
Bankruptcy cases are of two kinds one of them is a voluntary petition, and the other one is an involuntary petition.
In the first one, the debtors file the bankruptcy when he is unable to arrange the debt payment and wants to be relieved from the liability.
However, in the second case, the creditor files the bankruptcy in order to get the sum of claims that he is making.
A petition in bankruptcy lists the debtor’s assets, liabilities, and debts so that a realistic arrangement for the payment of creditors can be devised.
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