Once bankruptcy is declared, creditors can only pursue their claims against the debtor through bankruptcy proceedings anymore. The debtor’s assets, including those acquired by the bankrupt during the bankruptcy proceedings, become the bankruptcy estate, the purpose of which is to satisfy creditors. In practice, not every entrepreneur can declare bankruptcy. This is because it is up to the court to decide, and the court will reject the application if the debtor’s assets are too small to satisfy the court costs. This is because the purpose of declaring bankruptcy is primarily to satisfy creditors, and the fact of having few assets in advance prejudices the lack of such an opportunity.<\/p>\n","protected":false},"excerpt":{"rendered":"
Once bankruptcy is declared, creditors can only pursue their claims against the debtor through bankruptcy proceedings anymore. The debtor’s assets, including those acquired by the bankrupt during the bankruptcy proceedings, become the bankruptcy estate, the purpose of which is to satisfy creditors. In practice, not every entrepreneur can declare bankruptcy. This is because it is..<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[],"yoast_head":"\n