Bankruptcy normally is a last resort. It provides legal remedial to our financial condition even we already know it is tough. Normally bankruptcy goes through three process flow. Firstly we need to file in federal or state court and tell them we have no more money and assets to pay the bills. Then we need to set up properly the repayment plan with the creditors and the court. Lastly we will discharge which mean still need to pay the outstanding payment but normally a bit lower than original bills. By doing this we give some money back to the creditors.

There are many pros and cons for bankruptcy. Some of the advantages we get is they will take care most of the debt which we also provided with legal protection from creditor. What the most important is we can keep our home and that also will help to stop some financial ruin. Anyway, the bad things is we still need to pay off some debt and by doing this for sure we suppose to attend to court which many people don’t like it. One things we need to keep in mind is we may loose our assets so just be careful and if could please avoid bankruptcy.

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