Q: What is Bankruptcy?
A: Bankruptcy is a process whereby a debtor can eliminate a significant portion of their total debt while retaining most if not all of their property. It was designed as a debt relief option for people who are having severe financial difficulties. It’s an option for people needing a fresh start financially.
Q: Who can apply?
A: An individual, spouses together, or a corporation or other entity. There are many different types of bankruptcy.
In 2018, it is easier than ever to seek legal services through websites such as Nolo.com, BuildaWill.com, and LegalZoom. Although these sites may seem like a cheaper alternative to hiring a lawyer, their pitfalls and shortcomings can result in expensive mistakes. These ‘do-it-yourself’ websites lack the expertise, skill, and comprehensive knowledge to handle most legal matters effectively.
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