| Bankruptcy is the legal means of wiping out debt. It | | | | be cleared through bankruptcy, though. It is very |
| may seem like a simple solution when you get in over | | | | important for a person to check each of their debts |
| your head in debt. Bankruptcy, though, should not be | | | | to see if they can be cleared through filing. |
| taken lightly. There are many repercussions of filing | | | | During a bankruptcy proceeding a person has to |
| bankruptcy. | | | | make attempts to pay what they can. Most assets |
| Before you file bankruptcy you should have a good | | | | and cash on hand is seized and used to pay off the |
| understanding of the process and what to expect | | | | debts. There are some assets which are exempt and |
| after you have competed filing. | | | | can not be used to pay off debts. Once a person |
| Bankruptcy is meant to give a person a fresh start | | | | starts bankruptcy proceedings creditors can no longer |
| by relieving debt. A person can file bankruptcy for | | | | attempt to collect debts from them. |
| most debts they have incurred. Some debts can not | | | | |