Ed Bullins

Everybody wants to pay the loan on time but there might come several situation when it is impossible to do so. This situation is known as going bankrupted. This situation comes in the life of individuals and businesses as well. To help people in this situation different types of plans are devised by the government. One such plan is filing a request for bankruptcy. In this request the complete charge of the borrower's loan is taken by the bankruptcy courts and the court takes suitable measures to ease both the creditor or financial institution and the borrower. After filing bankruptcy request, orders are given by the court to take different measures in order to recover the money from the borrower.