Bankruptcy

When a debt burden becomes overwhelming, bankruptcy can offer multiple benefits that any other debt relief options cannot.

When a debt burden becomes overwhelming, bankruptcy can offer multiple benefits that any other debt relief options cannot. It is available for individuals or businesses that cannot repay the debts owed to creditors.

In most jurisdictions, bankruptcy is imposed by a court order and is often initiated by the debtor. Bankruptcy eliminates most, but not all debts. Exceptions to bankruptcy are: most student loans, recent taxes, alimony and child support, debts acquired through fraud, government penalties, restitution or fines, debt from luxury services or goods, and certain cash advances taken within 60 days of a bankruptcy filing.

Basic liquidation for individuals and businesses. This is also known as Straight Bankruptcy, and is the simplest and quickest form of bankruptcy available. Certain requirements need to be met in order to qualify for this type.

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