Bankruptcy Lawyers

Bankruptcy is a legal process whereby debtors and creditors are able to seek a resolution of a business that is unable to meet its current financial obligations. There are different sections of the Bankruptcy law in the United States, separated into chapters, which govern the procedures by which debtors can wind up their affairs and liquidate or restructuring themselves and their debt. These are commonly referred to as Chapter 7 and Chapter 11 bankruptcy respectively. While federal law governs most of the bankruptcy process, there are also nuances based on State laws. This might involve property exemptions or eligibility requirements themselves. Bankruptcy petitions are filed in Federal bankruptcy courts which are located in various districts depending on which State the debtor resides. 

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This is an ATTORNEY ADVERTISEMENT. Sawan PLLC is a law firm with attorneys licensed in Michigan, Ohio and Florida. The information contained on this website is provided for general purposes only and does not apply to your specific factual circumstances in all cases. For us to better understand the particular facts unique to your case, call 419-469-5002 for a free consultation. No attorney-client relationship is created by your use of this website. Sawan PLLC, designated a debt relief agency by an Act of Congress and the President of the United States, proudly assists consumers seeking relief under the U.S. Bankruptcy Code.

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Bankruptcy Law

Bankruptcy is a process whereby a debtor can obtain relief in some way from the financial obligations they owe. There are various types of bankruptcy – some involve complete liquidations – and others involve restructuring or reorganization of debts. The principle and policy behind the bankruptcy system is to get debtors a so-called second chance when a set of rigorous legal requirements are met. Those legal requirements are primarily based on the federal bankruptcy code (with some state law overlap). The underlying goal is to make sure debtors are honest, transparent and qualify for bankruptcy. If so, there is a framework in place to facilitate the process of either discharged debt completely or entering into an approved plan to repay debts on different terms than previously accepted. 

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