What Is Bankruptcy?
Bankruptcy is a legal tool to help consumers resolve overwhelming debt. Bankruptcy is a legal proceeding involving a person or business that is unable to repay their outstanding debts. It is your legal tool.
The bankruptcy process begins with a petition filed in U.S. Bankruptcy Courts to release you from debt. In most cases, your request will be granted. A bankruptcy filing stops debt collection calls, debt lawsuits and wage garnishments. It gives a person a second chance and let you start your financial life with a clean slate.
The good news is, nearly everyone who files for bankruptcy gets that second chance.