Are You Thinking About Bankruptcy?
You may feel you don’t have any other options. Maybe you owe several people money, your credit cards may be maxed out, and you are falling deeper into debt. So you might have started exploring the idea of filing bankruptcy, even though you never thought you would. You might know someone else who did, but you still have questions about what it all means. This article is aimed at providing some general information and answering the 10 most frequently asked questions when it comes to bankruptcy. 1. What is bankruptcy? Bankruptcy is a legal proceeding in a federal court in which the assets of an insolvent debtor (person who is unable to pay their debts) are liquidated (sold) to satisfy the debtor’s debts and the debtor is relieved of further liability. 2. What are the different types of bankruptcy? The different types of bankruptcy include Chapter 7, Chapter 11, Chapter