No one can deny the importance of money in our life. During our lifetime you owe many things from many people. Owing something means you have to pay it back. Especially when you owe some money, the headache can be bigger. There is no other way out if you owe too much from anyone. Sometimes we try to hide.
Even sometimes we claim that we are bankrupt. But when the debtor knows this trick you can be trouble. They can pull you to court to get back what they are owing to you. It is important to know that not everyone can claim bankruptcy. If you do not know in which situation one can claim it, this can lead you to prison. If you feel you have problem of bankruptcy, there is no need to panic. One should hire some expert to talk about the issue. However, there are many different way one can claim he or she is in position where he or she has no hope to pay the debt.
When you have things called Scottish equestrian law, one is not supposed to lose hope. This is basically formal agreement between you and your debtor who owes you huge sum of money. When you are considered as bankrupt by the court, your entire debt can be waived off which will allow you to start completely fresh. Suppose you have small business and due to this bankruptcy, your business can be saved and it can be continue to trade. This law is made such way your family and business can be protected even if your are not in position to pay the debt.
If you want to get rid of your debt early, you can talk with your debtor and fix the terms of payment. After the negotiation, one can waive off their name from negative credit list after some years.
