Bankruptcy & Debt Settlement
Bankruptcy law provides bankruptcy debt relief for debtors who are unable to pay their creditors, by liquidation or supervision of their assets. Bankruptcy can be entered into voluntarily by a debtor, or it can be initiated by creditors. Bankruptcy proceedings are supervised and allow the interests of all creditors to be treated equally. Bankruptcy may also discharge certain debtors of all financial obligations, even if the debts have not been paid in full.
There are two basic types of consumer bankruptcy proceedings. The most common type, Chapter 7 Bankruptcy, is called liquidation. This involves the appointment of a
trustee who collects the debtor's property, sells it and uses the proceeds to pay off the bankruptcy debt. Chapter 13 Bankruptcy involves the appointment of a trustee to supervise the debtor's assets, and allows him to use future earnings to pay off creditors.
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