What is Bankruptcy?

Bankruptcy is a legal process that allows individuals and businesses to restructure or eliminate their debts when they are unable to pay them. It's not the same as filing for unemployment benefits or social security disability, but rather a way to manage debt and start fresh.

Benefits of Bankruptcy

• Reduced Credit Score: Filing for bankruptcy can lower your credit score, making it harder to get loans and credit in the future.
• $500-$5,000 Savings: Bankruptcy can help you avoid paying as much in fees and expenses associated with debt collection and court proceedings.
• Fresh Start: A bankruptcy can provide a clean slate, allowing you to start over and rebuild your financial future.

Filing for Bankruptcy

To file for bankruptcy, you'll need to submit an application to the court, which will require documentation and paperwork.

How Does it Work?

Bankruptcy is usually a 3-5 year process, depending on the type of bankruptcy you file for. During this time:...