What is Bankruptcy?
Basically, bankruptcy is a legal process where individuals, families and businesses (typically called “debtors”) can seek to gain some relief from the various debts that they owe to creditors. Approximately 1 million individuals, families and businesses file for bankruptcy protection every year. The main goal of our bankruptcy system is to provide relief to debtors in the form of a “fresh start” or a second chance. Another goal of the bankruptcy system …