Making a fresh start of your finances after getting into debt is the goal when you
file for personal bankruptcy.
When you file for bankruptcy, you're called a debtor. It may not sound like a good thing, but if you're filing for bankruptcy, you're taking steps to get your finances back in order.
You can file a bankruptcy case by yourself or using a
bankruptcy attorney. Your main choices to resolve a hopeless financial situation are to sell your assets to cover debts or to reorganize your debts in a repayment plan.
Personal bankruptcy has lasting effects on your financial history for years after you file. You may be turned down for loans, get loans at higher interest rates and more. Bankruptcy can deliver the relief you need but know the pros and cons before moving forward.