Bankruptcy Basics
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Bankruptcy is a legal process that helps debtors discharge or repay debts when they can no longer repay them on their own. Most debtors who file for bankruptcy are able to discharge most if not all of their debts or get extra time to repay debts if they have a regular income. Married debtors considering bankruptcy can file alone or with their spouse. After a debtor files bankruptcy a creditor is barred for attempting collect the debt. Some alternatives to bankruptcy include out of court settlements, reduction of payments, consumer credit counseling service, selling or borrowing on property to repay debts. These alternatives are most effective if used soon after running into financial trouble.
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