May
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Introduction to Bankruptcy Law
Bankruptcy law relates to the focus area of law that covers bankruptcy, also known as insolvency.
In the event of bantruptcy, there are 2 parties involved, debtors and creditors. In the bankruptcy legal process, a court will make decisions on the estate (which refers to all assets & property) of the debtor (the individual or company that owes a certain amount of money) in the interests of the creditors ( the individual or company to which money is owed)
There are 2 types of bankrupty – voluntary and involuntary. In the event of voluntary bankruptcy proceedings, individuals or companies may seek bankruptcy because they see themselves in a financial situation that they cannot get out of. In the event of an involuntary bankruptcy, a creditor will force the debtor to seek bankruptcty as a means of returning any owed money.
Bankruptcy Solicitors/Lawyers
When faced with such a serious financial problem that you have to file for bankruptcy, perhaps the smartest and safest thing to do would be to let the professionals guide you through the process – this is where bankruptcy/insolvency lawyers will greatly assist you.