Bankruptcy is a legal process available to individuals or married couples who need help dealing with a large amount of debt. In a bankruptcy, you and your bankruptcy lawyer work with a court and a trustee -- a person appointed by the court to administer the bankruptcy -- to pay off some of your debt and have the rest forgiven.
As soon as you file bankruptcy, you are granted an automatic stay, which stops creditors from harassing you and trying to repossess, foreclose, or collect on the debt. At the end of the bankruptcy process -- which can take four months to five years, depending on which chapter you file under -- you will receive a bankruptcy discharge which effectively eliminates many debts.
BetterBankruptcy has bankruptcy lawyers in your area waiting to help you.