Bankruptcy Practice

Bankruptcy practice refers to the legal process that individuals or businesses undergo when they are unable to pay their debts. It allows them to declare their financial situation to a court, which can lead to either a restructuring of debts or the discharge of some debts altogether. This process aims to provide relief and a fresh start for debtors while ensuring fair treatment for creditors. There are different types of bankruptcy, each with specific rules, such as Chapter 7 and Chapter 13 in the United States. Legal professionals, like bankruptcy lawyers, guide clients through these procedures.