Bankruptcy is a legal tool that is an alternative to solve the economic problems that a person has at some point. Bankruptcy undergoes in a federal court where the debtor can find a legal solution to all or most of his/her debts.
Also known as liquidation, in which the assets or property of the debtor (apply some exceptions) are liquidated to meet obligations to creditors as banks or lenders, this type of bankruptcy usually "clean" the debtor's debts and provides the opportunity for a new beginning.
Resorting to bankruptcy is a very important legal and financial decision to be assisted by an expert lawyer, if you are in financial difficulty, please contact us for a free consultation at 1-888-788-7248 phones or 1-718-989-0911
Also called "restructuring" allows the debtor to plan a number of payments over a period of 3 to 5 years to pay most debts, in this case, the debtor must demonstrate ability to meet with such payment arrangements, financial discipline and has the advantage of being able to keep all or some of the assets.