Bankruptcy has grown increasingly prevalent across the United States. Small newspapers that fall within the Lakeway Publishers, Inc. umbrella, which produces content in Tennessee, Virginia and Missouri, has recently sought out Chapter 11 bankruptcy protection so it can continue providing local stories to state residents.
Companies have numerous resources at their disposal to help them through bankruptcy proceedings. As an individual, the whole process may seem daunting, but the truth is that there are only a few legal concepts to familiarize yourself with. One important concept is the automatic stay, which stops all actions a creditor may take against a debtor. It is a major benefit of the proceedings, and it is one of the main reasons why many people pursue bankruptcy in the first place.