Bankruptcy

Bankruptcy Pros and Cons

What exactly is bankruptcy?

Bankruptcy is a legal process through which people and businesses can obtain a fresh financial start when they are in such financial difficulty that they can not repay their debts as agreed. The fresh start is achieved by eliminating all or a portion of existing debts and/or by stretching out the monthly payments under the protection and supervision of a court. The process is also designed to protect creditors, because general unsecured creditors share equally in whatever payments the debtor can afford to make.

>>What exactly is bankruptcy?
>>What is the process of filing for bankruptcy?
>>Right now, I cannot pay my debts. Besides bankruptcy, do I have any options?
>>Is there anybody in particular I should contact about these options?
>>I owe money to many creditors. What should I do?
>>What are the advantages of filing for bankruptcy?
>>What are the disadvantages?

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