Bankruptcy is a legal process that helps to relieve the financial burden of those individuals who are unable to pay their debts. It shields debtors from lawsuits and other adverse actions until a settlement can be reached with your creditors. While bankruptcy will significantly reduce or eliminate most of your debts, you still may be responsible for paying back at least a portion of what you owe. In most cases, unsecured debt like credit cards or hospital bills are forgiven, whereas child support, alimony, and taxes are not dischargeable. It’s important to note that bankruptcy isn’t a free pass from your debt, as you may have to give up some of your assets to pay your creditors. For this reason, it’s important to discuss your options with a bankruptcy attorney in Severn, MD, before making any decisions.