Bankruptcy can be considered a last resort to solve your money and debt problems. On the positive side though, bankruptcy can protect you and your property by stopping all collection actions by your creditors. On the other hand, it may make be difficult to get a mortgage, acquire credit, buy a car, or even get a job. Filing for bankruptcy will affect your life for the next seven years and beyond, so it is important to know your basics.
The most common forms of bankruptcy are: