Bankruptcy is a complex process, but with the right guidance, you can navigate it successfully.
Bankruptcy is a legal procedure that allows individuals to reorganize or eliminate part of their debts when they are unable to pay them. There are several types of bankruptcy, including Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy: This type of bankruptcy involves liquidating non-exempt assets to pay off creditors. It's typically used by individuals with a steady income and few assets.
Chapter 13 Bankruptcy: This type of bankruptcy involves creating a repayment plan to pay off debts over time. It's often used by individuals who are struggling to make ends meet or have multiple debts.