The word bankruptcy means when an individual or a business is unable to repay their outstanding debts, then they choose to file for bankruptcy, with the help of an experienced bankruptcy attorney for the fresh management of the debts. The process of the bankruptcy starts when a debtor file a petition, which is the most common way, or at times filed by the creditors which is less likely. In both scenario’s, the assets of the debtors are evaluated and measured in the lieu of repayment of the outstanding debt. The most common bankruptcies are Chapter 7 (liquidation of the assets) and Chapter 13 (restructuring of the debts for repayment), while chapter 11 (reorganization under the umbrella of USA bankruptcy laws) bankruptcy can also be used depending upon the financial condition of an individual. Bottom line is, a seasoned bankruptcy attorney can help you in better management of your debts by filing bankruptcy, and can also save your assets by building a strong defense.
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