{"id":357973,"date":"2016-04-04T10:46:18","date_gmt":"2016-04-04T15:46:18","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/hirealawyer\/choosing-the-right-lawyer\/bankruptcy-law.html"},"modified":"2023-09-18T12:36:41","modified_gmt":"2023-09-18T17:36:41","slug":"bankruptcy-law","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/hirealawyer\/choosing-the-right-lawyer\/bankruptcy-law.html","title":{"rendered":"What Is Bankruptcy Law?"},"content":{"rendered":"\n
\n

What Is Bankruptcy Law?<\/h1>\n\n
\n
\n By Jade Yeban, Esq.<\/a> | Legally reviewed by Melissa Bender, Esq.<\/a>\n | Last reviewed\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
\n

This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
\n

The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n\n\n

\n

Bankruptcy law helps individuals and businesses who can\u2019t pay their debts get relief through a court\u2011supervised process that wipes out or reorganizes what they owe. A bankruptcy attorney guides filers through eligibility rules, paperwork, and court requirements so they can protect their assets and work toward a financial fresh start.<\/p>\n\n <\/div>\n\n\n\n

Depending on the type of bankruptcy filed, people may eliminate unsecured debts, create a structured repayment plan, or restructure a business to keep it operating.<\/p>\n

Bankruptcy law is a set of rules that help people who can’t pay their debts get a fresh start. Bankruptcy law allows individuals or businesses who are struggling with debts, like credit card balances or medical bills, get debt relief. It’s a legal process that may involve a bankruptcy attorney<\/a> to help navigate the complex rules and requirements.<\/p>\n

This section provides an overview of bankruptcy law. You’ll also learn why getting legal advice from a bankruptcy attorney<\/a> can help protect your long\u2011term financial interests.<\/p>\n

Types of Bankruptcy<\/h2>\n

Bankruptcy is a legal procedure initiated by an individual or a business that cannot pay its debts and seeks to have the debts discharged or reorganized by the courts. The three most common types of bankruptcy proceedings are:<\/p>\n