Bankruptcy Law

Bankruptcy law provides a legal framework for individuals or businesses unable to pay their debts. It allows them to either reorganize their finances under court protection (chapter 11 for businesses) or liquidate their assets to pay creditors (chapter 7). The goal is to provide a fresh start for the debtor while ensuring fair treatment of creditors. The process includes filing petitions, disclosing financial information, and adhering to court-approved plans. Ultimately, bankruptcy can lead to debt relief, allowing the debtor to move forward financially while balancing the interests of all parties involved.