Bankruptcy is a legal process that provides individuals, businesses, and organizations with relief from overwhelming debt and financial obligations.

Bankruptcy allows debtors to either eliminate their debts entirely or to develop a plan to repay their debts over time while being protected from creditor collection efforts.

There are several different types of bankruptcy, including Chapter 7, Chapter 11, and Chapter 13 bankruptcy, which provide different options for debtors based on their financial situation and goals.

The bankruptcy process involves filing a petition with the court, providing information about assets, debts, and financial history, attending a meeting of creditors, and complying with court orders and requirements.

While bankruptcy can provide a fresh start for individuals and businesses struggling with debt, it can also have significant impacts on credit ratings, assets, and financial futures, and should be carefully considered with the guidance of a qualified bankruptcy attorney.