Only legal person can be recognized by the law as a subject of bankruptcy. It means, persons with one category - entities, failed to fulfill its obligations to creditors or to the budget. Thus, we are talking primarily about the enterprises of all ownership forms and types, defined by the law and personal bankruptcy laws more specifically. The debtor is considered to be relevant actors at all stages of the bankruptcy, bankruptcy - after the Court of Arbitration will take decision on recognition of the debtor as a bankrupt. On the other hand, in bankruptcy relations creditors play an important role. They can be either citizens or legal persons who have proper documentation certified property claims against the debtor.
Faced with bankruptcy and don’t know what to do? PayingPaul will answer all your questions and help filing bankruptcy. By filling out a form they can match you with pre-qualified providers of debt help and debt management services. Declaring chapter 13 bankruptcy is the easy way of getting rid off your debts!