WHAT IS BANKRUPTCY?
Bankruptcy involves the complete liquidation
of an individual’s property, (who is a person
rather than a company) with the proceeds used
to pay off the debts. However, the debtor
can retain certain property that is specifically
"exempt" such as tools of one’s trade, a solvent
spouse’s equity in a house, and some personal
effects.
You may lose your home (depending on your
individual case) but it does enable you to
get out from under the burden of debt more
quickly. |
