Bankruptcy is a set of federal laws and rules that can help individuals and businesses which owe more debt than they are able to pay. Through bankruptcy, an honest debtor can receive a “fresh start” by being relieved of most debts through a “discharge” and creditors may be able to receive some payment through the sale of the debtor’s assets or through a repayment or reorganization plan.
Filing for bankruptcy is a serious matter. The consequences may outweigh the benefits. It also is a complicated process and individuals wishing to file a bankruptcy petition should consult an attorney knowledgeable about bankruptcy law and procedures.
Bankruptcy court staff are prohibited from providing any legal advice.