Bankruptcy whether a liquidation (Chapter 7) or reorganization (Chapters 11 & 13), offers a means for individuals or businesses to deal with unmanageable amounts of debt. During bankruptcy, a court administers the estate (the property and other assets) of a debtor (a person or business who owes money to others) for the benefit of creditors (a person or business that is owed money). Bankruptcy professionals help you find a legal way to wipe out debts by liquidating assets and distributing them among creditors or resolve them by developing a court-approved reorganization or other repayment plans. Most Bankruptcy Mediation does not require an attorney. You may want to consult an attorney before Bankruptcy Mediation to discuss the legal consequences.
Bankruptcy laws and regulations monitor the duties, rights, and liabilities of commercial businesses and private individuals. Mediator specializing in Bankruptcy might be able to provide assistance on Bankruptcy issues such as:
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