In Canada, bankruptcy always means liquidation. There is no way for a company to emerge from bankruptcy after restructuring, as is the case in the United States with a Chapter 11 bankruptcy filing. Canada does, however, have laws that allow for businesses to restructure and emerge later with a smaller debtload and a more positive financial future. While not technically a form of bankruptcy, businesses with $5M or more in debt may make use of the Companies Creditors' Arrangement Act to halt all debt recovery efforts against the company while they formulate a plan to restructure.
Bankruptcy filings in the United States fall under one of several chapters of the Bankruptcy Code: Chapter 7, which involves liquidation of assets; Chapter 11, which deals with company or individual reorganizations, and Chapter 13, which is debt repayment with lowered debt covenants or specific payment plans. Bankruptcy filing specifications vary among states, leading to higher or lower filing fees depending on how easily a person or company can complete the process. 

In Spain, it is not economically profitable to open insolvency/bankruptcy proceedings against certain types of businesses, and therefore the number of insolvencies is quite low. For comparison: In France, more than 40,000 insolvency proceedings were opened in 2004, but under 600 were opened in Spain. At the same time the average bad debt write-off rate in France was 1.3% compared to Spain with 2.6%.
Often called "straight bankruptcy" or "simple bankruptcy," a Chapter 7 bankruptcy potentially allows debtors to eliminate most or all of their debts over a period of as little as three or four months. In a typical consumer bankruptcy, the only debts that survive a Chapter 7 are student loans, child support obligations, some tax bills and criminal fines. Credit cards, pay day loans, personal loans, medical bills, and just about all other bills are discharged.
Another type of cheap bankruptcy is to use a “document preparation” company. Using a “document preparation” company to file bankruptcy may actually be worse than filing alone. California bankruptcy attorneys in Burbank are regulated by the State Bar of California. A “document preparation” company regulates itself. We have seen clients that have experienced unimaginable nightmares with “document preparation” companies. It’s not uncommon for these companies to have no knowledge of bankruptcy law, perform shoddy work and charge their clients relentless hidden fees. And you may be surprised to learn that “document preparation” companies are forbidden from giving legal advice. If you cannot get legal advice on your bankruptcy, what is the point of paying someone to do it? 

In Brazil, the Bankruptcy Law (11.101/05) governs court-ordered or out-of-court receivership and bankruptcy and only applies to public companies (publicly traded companies) with the exception of financial institutions, credit cooperatives, consortia, supplementary scheme entities, companies administering health care plans, equity companies and a few other legal entities. It does not apply to state-run companies.
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In Sweden, bankruptcy (Swedish: konkurs) is a formal process that may involve a company or individual. It is not the same as insolvency, which is inability to pay debts that should have been paid. A creditor or the company itself can apply for bankruptcy. An external bankruptcy manager takes over the company or the assets of the person, and tries to sell as much as possible. A person or a company in bankruptcy can not access its assets (with some exceptions).

It can be hard to admit you need help getting out of debt, or that you can't do it alone. But that's why our government has bankruptcy laws to protect not only the creditors, but you! If you have a nerve-racking debt-load, it may be time to face financial facts. Perhaps you've been trying to ignore the ringing phone and the pile of unpaid bills that won't go away.
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In Canada, bankruptcy always means liquidation. There is no way for a company to emerge from bankruptcy after restructuring, as is the case in the United States with a Chapter 11 bankruptcy filing. Canada does, however, have laws that allow for businesses to restructure and emerge later with a smaller debtload and a more positive financial future. While not technically a form of bankruptcy, businesses with $5M or more in debt may make use of the Companies Creditors' Arrangement Act to halt all debt recovery efforts against the company while they formulate a plan to restructure.
Declaring bankruptcy can help relieve you of your legal obligation to pay your debts and save your home, business, or ability to function financially, depending on what kind of bankruptcy petition you file. But it also can lower your credit rating, making it more difficult to get a loan, mortgage, low-rate credit card, or buy a home, apartment, or business in the future.

Under Swiss law, bankruptcy can be a consequence of insolvency. It is a court-ordered form of debt enforcement proceedings that applies, in general, to registered commercial entities only. In a bankruptcy, all assets of the debtor are liquidated under the administration of the creditors, although the law provides for debt restructuring options similar to those under Chapter 11 of the U.S. Bankruptcy code.

Also, all Chapter 7 cases require you to fill out extensive bankruptcy forms, research exemption laws (to protect property), and follow all local court rules and procedures. If you aren’t comfortable doing the work—and assuming the risk—consult with a bankruptcy lawyer. If you’d like to file on your own, consider using a good bankruptcy self-help book.
The benefit of having Affordable Documents provide and prepare the needed paperwork for bankruptcy is that it gives you the help that you need to properly file for this debt eliminating status. Bankruptcy can be used to give yourself a fresh new start when it comes to un-payable debts that can enslave you for life without this option. If you want to get out of debt and file for bankruptcy the right way, let Affordable Documents help you as we can provide and prepare all of the necessary paperwork for you. Contact us today for a consultation if you are considering filing for bankruptcy.
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