A legal process. All your assets are evaluated and used to pay off your debts. Chapter 7 and Chapter 13 are most common options used by individuals. Once bankruptcy is complete, you are relieved of the debt obligations you had before filing bankruptcy.
Debt obligation could be cleared
Creditors are barred from attempting to collect on debts
Process takes only 3-6 months
Significant, long-term damage to credit
Loss of all credit cards
Chapter 7 difficult to qualify for
Select an option to learn more