If you're unfamiliar with the bankruptcy system, you might think bankruptcy is a single process. However, there are several options for approaching the problem, and each process has its quirks. Let's look at how the different process works and which option a bankruptcy law firm might encourage you to pursue.
Restructuring
Depending on your circumstances, this will fall under the headings of Chapter 11, 12, or 13 bankruptcy laws. Chapter 11 covers businesses, Chapter 12 covers certain types of non-agribusiness farms, and Chapter 13 covers personal finances.
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