What is bankruptcy?

Bankruptcy is a legal process available to individuals or married couples who need help dealing with debt. In a bankruptcy, you and your attorney work with the court and a trustee -- a person appointed by the court to administer the bankruptcy. As soon as you file for bankruptcy, you are granted an "automatic stay" which stops creditors from harassing you and trying to repossess, foreclose or collect on the debt. At the end of the bankruptcy process, you will receive a bankruptcy "discharge" which effectively eliminates most debts that caused the stress in your life.

Most individuals and couples are eligible for either Chapter 7 or Chapter 13 Bankruptcy.


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