Bankruptcy

Debt can accrue very slowly over time due to budgetary shortfalls. Other times, people experience specific personal situations that push them into unsustainable levels of debt. For example, someone might experience a sudden medical emergency that leaves them unable to...

Bankruptcy is a process that can allow people to eliminate their debt through a court-ordered process. There are two commonly used forms of bankruptcy: Chapter 7 bankruptcy: Also referred to as liquidation bankruptcy, a filer may have their non-exempt assets sold by a...