•  Bankruptcy is the legal method for a debtor to eliminate or reduce your debts.
  • Bankruptcy is a way for people or a business that owes more money than they can pay to either work out a plan to repay the money over time or to have their debts completely eliminated.
  • Most debtors who file for bankruptcy are granted a total discharge of all debts.
  • One of the main purposes of the bankruptcy act is to relieve the honest debtor from the weight of oppressive indebtedness and to provide the debtor with a fresh start to build a financial future.