Services
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Debt settlement is also called debt reduction, debt negotiation or debt resolution. Settlements are negotiated with the debtor’s unsecured creditors. Commonly, creditors agree to forgive a large part of the debt: perhaps around half, though results can vary widely.
Creditors‘ rights are the procedural provisions designed to protect the ability of creditors—persons who are owed money—to collect the money that they are owed. … The rights of a particular creditor usually depend in part on the reason for which the debt is owed, and the terms of any writing memorializing the debt.