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Bankruptcy is a legally declared inability of an individual / organizations to pay their creditors. Creditors may file a bankruptcy petition against a debtor in an effort to recoup a portion of what they are owed.

Losing your home can be a frightening reality that requires a good plan of action to fix. Keep in mind that most lenders would prefer to keep you in the home if there is a chance that you will remain current on the mortgage moving forward.
Generally speaking, a Chapter 7 liquidation seeks to distribute the value of any non-exempt assets of a Debtor to the Debtor’s unsecured creditors, and any remaining unsecured debt balances will be discharged, meaning the creditors no longer have a right to recovery on that debt, permitting the Debtor to “start fresh.”
For many individuals struggling with financial difficulty, filing for bankruptcy protection provides an honorable means to discharge debt and start fresh. In most situations, a bankruptcy petition will put an immediate stop to bill collector harassment, threatening letters, repossessions, foreclosures, and pending lawsuits.
In times of current economic hardship, many of us have hit the wall and we feel as though we are out of options. No matter how hard we work and how hard we push ourselves to strive and succeed, things beyond our control throw us into an economic downward spiral. Unexpected loss of employment, illness, or business failure may have you considering Bankruptcy. If you feel you have gotten in over your head, filing a Chapter 7 Bankruptcy may be a great option.
"Should I file bankruptcy" is a very common question. Although Americas bankruptcy laws date back to the 1800's, deciding to file is much more common today than at anytime in the history of our country.
When you consider filing for bankruptcy it is important to know that you are not the only one with a difficult financial situation.
There is nothing to be ashamed of when you consider filing for bankruptcy. Bankruptcy should be viewed as a fresh start, a way to revive your financial situation and start over again. When money is tight and your household is experiencing a crisis, sometimes your best option is to consult with an attorney to learn more about your options and possibility of filing for bankruptcy.