Bankruptcy Cases

Bankruptcy cases are legal proceedings in which individuals or businesses that cannot pay their debts seek relief from some or all of their financial obligations. Typically initiated by the debtor, these cases allow for the reorganization of debt or liquidation of assets. The process aims to provide a fresh start for the debtor while ensuring fair treatment for creditors. There are different types of bankruptcy, with Chapter 7 and Chapter 11 being the most common in the U.S. Each type serves specific needs and involves detailed legal and financial steps overseen by the bankruptcy court.