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.