What Is Bankruptcy and Why Are We Here?
Bankruptcy is a legal process that takes place within the federal court system. The purpose is to help people and businesses that are insolvent get relief from impossible-to-pay debts. Bankruptcy is meant to be a last resort. When a debtor has tried everything to make money to continue to pay debts and maintain their business or basic living standard, and failed, the debtor can turn to the bankruptcy court for protection from creditors and to unwind their financial situation.
People and entities can file for bankruptcy protection, meaning, human beings and corporate entities like corporations, limited liability companies, and every other entity that various state laws allow. We will distinguish ...
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