Bankruptcy is a legal declaration that you are unable to repay your debts. This can have a severe impact on your credit and your ability to borrow money in the future.
When you file for bankruptcy, your assets are liquidated and used to pay off your creditors. This can include your home, car, and other personal belongings. Even though your bankruptcy will be discharged, you will still have to make repayments on some of your debts.This includes student loans, child support, and alimony.
Bankruptcy can be a difficult and stressful process, but it may be the best option for you if you are struggling to make ends meet.