The legal world can be a confusing one, especially if you aren’t familiar with the extensive vocabulary that is associated with cases and the legal process. With so many different areas of law, it can be difficult to know which lawyer you truly need to hire for your unique situation. From wills and estates to criminal defense, it can be hard to navigate the sea of different legal representatives.
One of the most common kinds of lawyers to find is a bankruptcy lawyer. However, what specific cases do these lawyers work on? What do they reference in order to help their clients achieve their desired outcomes? This video digs into what bankruptcy law includes.
Bankruptcy law covers the two different main types of formal bankruptcy processes that businesses and individuals can go through. These two categories are liquidations and reorganizations. Liquidations and reorganizations are both included under chapter 7 of the bankruptcy code. Even if bankruptcy is filed, the debtor is still liable to pay child support payments and taxes. Additionally, many creative business owners use bankruptcy laws to their advantage. Bankruptcy can financially help certain business and personal situations. To learn more about bankruptcy law, keep watching this informative video!