What is Bankruptcy?
Bankruptcy is a legal process that allows individuals or businesses to reorganize or eliminate their debts when they are unable to pay them. There are several types of bankruptcy, including Chapter 7, Chapter 13, and Chapter 11.
Preparing for Bankruptcy
Before filing for bankruptcy, it's essential to understand the process and what to expect. This includes gathering financial information, creating a budget, and negotiating with creditors.
Surviving Bankruptcy: Helpful Tips And Advice
Bankruptcy can be a challenging experience, but there are many ways to survive it. Here are some helpful tips and advice:
- Communicate with your creditors to create a plan to pay off debts.
- Consider debt consolidation or credit counseling before filing for bankruptcy.
- Keep detailed records of all financial transactions, including income and expenses.
- Seek professional advice from an attorney specializing in bankruptcy law.
