Mediation in Bankruptcy

Mediation in bankruptcy is a process where a neutral third party, known as a mediator, helps debtors and creditors negotiate a resolution to their financial disputes. Instead of going through a lengthy court battle, the mediator facilitates open communication, allowing both sides to express their concerns and explore potential solutions. The goal is to find a mutually agreeable outcome that may involve modifying payment plans or settling debts, ultimately helping the debtor achieve a fresh start while addressing the creditors' interests. Mediation can save time, costs, and stress for all parties involved.