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).
personal bankruptcy requirements
In 2005 the Bankruptcy Abuse Prevention and Consumer Protection Act was passed that changed bankruptcy filing requirements. This means that there may be certain changes that need to be checked before you decide to file for bankruptcy. Being informed and prepared with the new bankruptcy requirements will make your filing process hassle free.