What is Bankruptcy?
Bankruptcy is a legal option available to help individuals who have more debt than they can handle. The debt may be credit card, medical bills, IRS tax debt or any other monetary amount that someone says you owe. Through the bankruptcy code, Congress recognized that sometimes good people go through bad times and just need a fresh start. Bankruptcy provides that financial fresh start.
Bankruptcy is also widely used to stop wage garnishments, mortgage foreclosure, car repossession and to either eliminate IRS debt or pay IRS debt off without the continuing accumulation of penalties and interest.
The two chapters most commonly [read more]