Travel Channel Blog

If you are considering filing for bankruptcy, you should first discuss all options available with a bankruptcy lawyer. There are many options to be explored before one files bankruptcy, and a bankruptcy lawyer can go over the pros and cons of every option before you file Chapter 7 or Chapter 13.

One option a bankruptcy lawyer can assist you with would be dealing with a payment plan that satisfies your creditors. A competent bankruptcy lawyer can work with your creditors to develop a plan that is affordable enough to meet any budget. This will also keep creditors from harassing you about missed or late payments.

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How Secret reserve is created?

A secret reserve is created by the following methods:

1. By under valuation of assets much below their cost or market value, such as investment, stock in trade, etc.

2. By not writing up the value of an asset, the price of which has permanently gone up.

3. By creating excessive reserve for bad and doubtful debts or discount on sundry debtors.

4. By providing, excessive depreciation on fixed assets.

5. By writing down goodwill to a nominal value.

6. By omitting some of the assets altogether from balance sheet.

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