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Bankruptcy is a legal proceeding involving a person or business that is unable to repay their outstanding debts. The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. All of the debtor’s assets are measured and evaluated, and the assets may be used to repay a portion of outstanding debt.
Filing bankruptcy is a personal decision that should be based on your specific circumstances. While all factors must be considered, your decision to file should be greatly influenced by the amount of debt you owe and your ability to repay it in the near future. A bankruptcy attorney can help you evaluate your options.
Threats of garnishment, foreclosure, repossession, and general creditor harassment all may lead you to seek out additional bankruptcy information. You may also consider filing bankruptcy to provide relief from emotional distress or depression that is commonly related to debt.
Even in a scenario where you could eventually repay all your debts, you still may choose to file bankruptcy so you can apply your future income towards your long-term goals.
The bankruptcy laws have recently changed, but filing bankruptcy still provides solutions for a variety of financial difficulties.
Filing bankruptcy remains a legal right for the vast majority of Americans. In fact, recent studies show that approximately 80% of past filers would still qualify to eliminate the same debts under the new bankruptcy laws.
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