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What is bankruptcy?

Bankruptcy is the legal status of persons or businesses who are no longer capable of paying back their bills to creditors. In most jurisdictions, bankruptcy is imposed by a court order.


How can a bankruptcy lawyer help you?

A bankruptcy lawyer will help you manage the debts you are unable to pay by (i) providing you with competent legal advice, (ii) successfully guiding you through the bankruptcy process, (iii) keeping you informed about new developments in your case and providing updates throughout the process, (iv) preparing the bankruptcy paperwork based on the information you provide, (v) timely filing all the required documents with the court, and (vi) representing you at the bankruptcy hearings.
Bankruptcy will allow you to clear your debts by repaying the creditors as fairly as possible and to get a fresh start. Of course, creditors would rather get a lower amount of money than none, so they are usually willing to discount the amount you owe them. When you file for bankruptcy, all other legal actions against you are put on hold. Creditors cannot sue you, garnish your wages, or repossess your personal belongings.


Did you know?

World Bank statistics indicate that an average bankruptcy procedure in the MENA region takes 3.5 years to complete, costs 14.1% of the value of the business and delivers an average recovery rate of 29.9 cents on the dollar.


 

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