There thousands of
companies that are strapped with debts all across the world and are facing foreseeable
probability of filing for bankruptcy as of the moment. Bankruptcy often occurs
to companies which are having outstanding amounts of loans from banks and other
financial institutions at very high interest rates to be paid within a
stipulated period of time. There are so many business and individuals that are
going for loans due to business operation extensions. However, many people are
victims of bankruptcy because of personal loans and the incapacity of paying in
time. Unfortunately, many are vanish without even paying a single penny.
Market
Situations - Is an Important Element
In more progressive nations where fiscal progress
and economic thrust are all present, most companies are capable of repaying
their loans on time, preventing insolvency. In the other hand, there are
developing countries where recession is widespread. This recession influence
the market unfavourably that results in booming companies bankrupt.
A
Legal Remedy
Filing for bankruptcy is one of the best legal
remedies for companies suffering from bankruptcy. This option gives relief for
debtors while paying their debts. There are 2 sides of bankruptcy, where in one
case, usually the court assigns trustees who are empowered to sell possesses
articles to lessen the weight of the debts of the debtor. Even if the main debit issue is already solved,
the debtor has a choice of paying his creditors by keeping a car or house that
the creditor has a legal claim as a security.
As an alternative, the debt can be re-organized in
a sole monthly payment which may be swayed over a period stretch between 3 to 5
years throughout the loan repayment process. The ultimate time of the loan
repayment stage does not extend further than the stipulated period of 5 years.
It is not a requirement that a debtor has to pay all the debts; instead it
could be paid with the convenience of the debtor. The bare minimum payment can
be influenced by the asset that the debtor likes to keep hold of. After the
payments are completed, the unpaid debt is discharged.
It is compulsory for a person or a company before
filing for bankruptcy for protection is to consult and ask professional assistance
from a trusted Fort Lauderdale bankruptcy attorney like Winston I. Cuenant.
Winston I. Cuenant, Esq., is an eminent Foreclosure defense lawyer Fort Lauderdale who
can help in handling filing forbankruptcy. Mr. Cuenant areas of expertise include Fort Lauderdalebankruptcy attorney, French speakinglawyer, Ft. Lauderdale bankruptcy lawyer, Fort Lauderdale Real EstateLitigation attorney, General Civil litigation attorney Fort Lauderdale and Bankruptcy Law Fort Lauderdale.
Please
Contact Our Office +19547664271 for FREE Consultation or visit us
on http://cuenantlaw.com/
No comments:
Post a Comment