Bankruptcy procedures need to be initiated if someone is facing a financial crunch and is not able to repay loans. As per federal law, debts can be restructured or even discharged subject to the provisions of law if the person or an organization qualifies for bankruptcy.
Just like provisions of any other law, bankruptcy codes are extremely complex and a common person will find it hard to fathom the meaning and implications of various legal terms and procedures. Moreover, one’s reasoning can get clouded due to financial hardships and constant harassment from recovery agencies.
Importance of hiring a bankruptcy lawyer
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