Debt restructuring also referred to as debt refinancing, is a process whereby a borrower agrees to make payments on its debts according to a new arrangement. In some cases, this can involve an agreement between the borrower and the lender that modifies the repayment terms. In other instances, it involves a third party — like a bankruptcy court — approving the plan and changing the repayment terms.
There are two types of debt restructuring: pre-bankruptcy and post-bankruptcy. Pre-bankruptcy restructures occur when a person is still solvent and has not filed for bankruptcy protection. If a person files for bankruptcy protection, his or her creditors cannot make any changes to their payment plans without approval from the court.
Bankruptcy is governed by federal law under Chapter 7 or Chapter 13 bankruptcy proceedings. When filing for Chapter 7 bankruptcy protection, debtors must complete credit counseling with an approved agency before they file their petition with the court. This counseling aims to give them information about their general options for dealing with debts and what might happen if they file for bankruptcy protection.
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