Bankruptcy is a mechanism governed by federal law which allows individuals or corporations to obtain relief from debts that they cannot afford to pay.
Under Chapter 7, the debtor’s assets / personal property are liquidated /sold and the proceeds are used to pay creditors.
Chapter 13 bankruptcy typically applies to individuals who have enough money to pay their living expenses, but not enough income to completely/promptly pay other outstanding debts.
An experienced bankruptcy attorney can assist you in finding a fresh start.
I often recommend that Debtor’s get a secured credit card after filing Bankruptcy to help build their credit. How exactly does this work?
Sherry F. Ellis has been interested in helping improve other people's lives since she her early days as Director of one the Adolescent Chemical Unit at a local Residential Psychiatric Facility ...