Last week, Detroit, the erstwhile automobile hub of the US, was in the news as it filed for bankruptcy. A tool commonly used in the West to fob off creditors and spurn bad debt, bankruptcy is not a favoured option for most Indians since it is associated with social stigma and embarrassment.
However, it may be time to change this outlook if you are genuinely in debt and can find no way to pay it off. For, in such cases, filing for insolvency can help you start life afresh. Here’s how you can file for bankruptcy and the things you should be aware of before doing so.
Who can file for bankruptcy?
By definition, a bankrupt or an insolvent person is the one who is unable to pay his debts. However, you can file an insolvency petition only if you…
Read the full article at: http://economictimes.indiatimes.com/analysis/when-and-how-to-file-for-bankruptcy/articleshow/21574753.cms