Bankruptcy is a legal process that seeks to benefit both debtors and creditors. It allows debtors ''fresh starts'' on their financial obligations by relieving them of most debts they cannot pay. It also provides that the creditor gets paid through a fair method of compensation.
''I like bankruptcy law because it is as precise as any area of the law can be. The Bankruptcy Code rules all decisions. As judges often ask, 'Where is that in the Code, Counselor?''' said Timothy J. Trott, a bankruptcy attorney and partner in the law firm of Crane, Teti, Cox, Trott, Bishay and Fisher, LLP, in Pennsylvania.
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