Jurisdictions allow individuals to declare their bankruptcy through a procedure called personal bankruptcy. That simply means that you cannot afford to pay your debts any longer and requires removal of any such obligation by giving up control of your financial assets. You can either do it through a debtors’ petition (doing it yourself) or through a creditors’ petition (someone who you owe money can do so).
filing personal bankruptcy
Opting for bankruptcy is one thing and how to go about is another. Once you have made up your mind to go for bankruptcy, the next thing is where to start. So here is all you need to know when filing bankruptcy.