Bankruptcy is the legal means of wiping out debt. It may seem like a simple solution when you get in over your head in debt. Bankruptcy, though, should not be taken lightly. There are many repercussions of filing bankruptcy.
Before you file bankruptcy you should have a good understanding of the process and what to expect after you have competed filing.
Bankruptcy is meant to give a person a fresh start by relieving debt. A person can file bankruptcy for most debts they have incurred. Some debts can not be cleared through bankruptcy, though. It is very important for a person to check each of their debts to see if they can be cleared through filing.