Bankruptcy is a legal court process that gives debtors a fresh financial start.
Through bankruptcy, debts may be eliminated or a debtor may be given additional time to repay debts. Certain debts are not forgiven through bankruptcy. For example, child support, spousal support and some student loans are not forgiven. Filing for bankruptcy does have some advantages. Once bankruptcy is filed, most debt collection must stopped at least temporarily, and further collection efforts are allowed only if the bankruptcy court gives permission.