What is a Bankruptcy

Bankruptcy is the process which involves a court declare an individual or a business that is unable to repay its debt, or fulfill its debt obligations, grant either a full or partial write off, or reschedule its debt obligations. The process involves a trustee. A Bankruptcy has long term implications on the individual or a business enterprise including securing future credit. A Bankruptcy is reported to the credit bureaus and stays on the individual or business enterprise's credit report for a specific time frame depending on the type of bankruptcy. There are two types of Bankruptcies, a Chapter 7 and a Chapter 11 Bankruptcy. The following links explain in detail and the difference between the two types of bankruptcies. 

About the Author: Ahsan Bashir is an experienced Tax Consultant based in Irving, Texas, with over 25 years of expertise spanning Taxation, Accounting, Business Lending and Mortgage, Risk Management, Business Insurance, and Business Consulting. Through his firm, Z-Tax & Accounting, he provides comprehensive financial services including Individual and Business Tax Preparation, Bookkeeping, Payroll Processing, and Business Consulting. As an Enrolled Agent authorized to practice before the Internal Revenue Service (IRS), and an IRS Certifying Acceptance Agent (CAA), Ahsan Bashir delivers trusted, professional solutions tailored to the unique needs of both individuals and businesses. 

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