When to File Bankruptcy?

I always keep myself updated with different current events that are happening both in my country and the other side of the world. It is really fascinating yet depressing at some point especially when a sad news arrives. Although, there were news that I am not really interested to listen with while others will do nothing but to confuse me simply because I can’t relate much or I can’t understand much of the issue. Just like what happened recently when a high profile entrepreneur suddenly declared publicly that his company just filed a bankruptcy. At some point, I find it weird to expose it in media and telling them that your business is no longer doing well in the market which ended up in such bankruptcy. But hey, I am not a lawyer here so whatever the legal issue that will benefit the debtors is way far beyond my knowledge. This issue however took my attention so I did some research about it to understand it even more. Technically, Bankruptcy is declared when an entity cannot repay the debts he owes to creditors. It is often declared to save debtors from paying too much of the debts that they can no longer handle. I also learned that there are six types of Bankruptcy under the Bankruptcy code and Chapter 7 is by far the simplest and quickest form of bankruptcy available. This video actually made it more concise.

Despite of being the simplest form, the debtor is still in need of legal assistance through some reliable chapter 7 bankruptcy attorney who is specializing on such matter. It is a very long process indeed and it usually takes several months before the court decides and it should be a mutual decision on both involved parties too.