Bankruptcy is a method of dealing with financial difficulties.  It doesn’t necessarily mean you eliminate debt; it may be dealing with debt and dealing with the way you pay debt off.

It’s a way of taking a situation where you’re unable to meet your obligations and adjusting the situation so that you are now able to meet your obligations. That might include eliminating debt. It may include restructuring and reorganizing how we pay debt. It may include stretching the period of time out that we pay debt. It all has to be tailored to a specific problem that a client has.
 
Bankruptcy is taking a situation where you can’t pay your obligations the way they’re supposed to be paid and trying to create a situation where you can.

 

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