Bankruptcy is never fun to go through, but it is also something that anyone can successfully manage. Of course, when going through bankruptcy, you’ll need an expert legal team to work with you through the process. Now it’s not like a criminal situation where you may need a bail bondsman, face charges, and potential prison time. Bankruptcy focuses on navigating various forms of debt to get you back on your feet.
Check out this video for a helpful explanation of dealing with bankruptcy.
Bankruptcy can be for both individuals and companies. The main points of each are liquidation and reorganization. Liquidation is essentially selling your valuable assets in order to pay your existing debt. This is common for individuals. Examples of this would be selling your car and home, among other things. This is usually present in chapter 7 bankruptcy cases.
Businesses can reorganize during bankruptcy proceedings. This allows the business to continue to function while handling its outstanding debt. This is found in Chapter 13 bankruptcy cases. Continue watching this video to learn more!.
