Legal Question in Bankruptcy in India

Re: Bankruptcy

A person who has done, or suffered some act to be done, which

is by law declared an act of bankruptcy, in such case he may be declared a

bankrupt.

2. It is proper to notice that there is much difference between a

bankrupt and an insolvent. A man may be a bankrupt, and yet be perfectly

solvent, that is, eventually able to pay all his debts or, he may be

insolvent, and, in consequence of not having done, or suffered, an act of

bankruptcy. He may not be a bankrupt. Again, the bankrupt laws are intended

mainly to secure creditors from waste, extravagance, and mismanagement, by

seizing the property out of the hands of the debtors, and placing it in the

custody of the law, whereas the insolvent laws only relieve a man from

imprisonment for debt after he has assigned his property for the benefit of

his creditors. Both under bankrupt and insolvent laws the debtor is

required to surrender his property, for the benefit of his creditors.

Bankrupt laws discharge the person from imprisonment, and his property,

acquired after his discharge, from all liabilities for his debts insolvent laws simply discharge the debtor from imprisonment, or liability to be

imprisoned, but his after-acquired property may be taken in satisfaction of his former debts.

For the procedure how to file in the United States of America you may contact a local state attorney to help you for the same.