A person is declared bankrupt by the order of the court in accordance with the federal laws if that concerned person is not able to pay his debts and loan and gives away his financial controls and assets in return for a protection against legal action taken by the creditors by practicing a court order agreement. Bankruptcy court order agreement are heard and resolved by the state federal magistrate’s court under specified forms, rules and procedures.
The three conditions which court demands to verify before issuing a bankruptcy court order agreement are:
- If you are the same person who owes the debt
- If the amount shown by the creditor in the bankruptcy notice is correct or not
- If you are (or not) able to pay the loan
If these three conditions are verified and person agrees to be declared bankrupt, then the court issues the bankruptcy court order agreement and appoints a trustee to manage your financial affairs and take over the hold of your assets.
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