Bankruptcy short procedure

Bankruptcy short procedure is a legal process used to quickly address a debtor’s inability to pay their debts. The debtor files a petition with the court, which then reviews the situation. If approved, the court assigns a trustee to oversee the process, aiming to resolve debts efficiently—often through debt restructuring or liquidation of assets—within a shorter timeframe than regular bankruptcy. This method helps both debtors and creditors reach an organized resolution promptly, minimizing financial uncertainty and facilitating a fresh start for the debtor or fair debt repayment for creditors.