Bankruptcy refers to the legal proceeding which mitigates outstanding debt, incurred by a person or a business. In all bankruptcy cases, debtor assets are measured and evaluated carefully so that they are used to repay a portion of the outstanding debt.  Bankruptcy offers an individual or business a chance to start fresh while creditors obtain some form of repayment, which is always based on what assets are available during the time of the bankruptcy.  The Law Office of Alexander Paykin, P.C. handles bankruptcy filings under Chapters 7 (liquidation of assets), Chapter 11 (company or individual "reorganizations"), and Chapter 13 (debt repayment with lowered debt covenants or payment plans).  Call The Law Office of Alexander Paykin, P.C. today for a free consultation.