Bankruptcy is a legal process (read more about bankruptcy here) that takes place in the federal court. When you file for bankruptcy, you are actually declaring your inability to pay debts. You seek debt relief by filing for any one of the 6 chapters of bankruptcy depending on your financial situation.
As soon as you start talking with a representative of a competent debt settlement business, the question of when the relevant statutes of limitation for credit card debt obligations will take effect should be among the first topics tackled, and, almost inevitably, the debtors will respond with empty stares.
On Wednesday, 31st December 2008, GMAC Financial Services declared that bondholders who represent $21.2 billion of the amount owed by the firm had accepted the conditions of a debt-for-equity swap that was projected to assist it in raising adequate capital in order to become eligible for federal aid.