Bankruptcy plans

Bankruptcy plans are structured processes that help individuals or businesses manage overwhelming debt. When someone files for bankruptcy, they may propose a plan to repay creditors over a set period, usually three to five years, while protecting their assets. This plan outlines how much they can afford to pay, often reducing the overall debt burden. It allows the debtor to regain financial stability while ensuring that creditors receive some repayment. Once the plan is completed, remaining unpaid debts may be discharged, providing a fresh financial start to the individual or business.