If you feel as though you are "drowning" in debt and creditors are knocking at your door (or, more likely, calling you repeatedly), you may be in need of the fresh start that the bankruptcy process could provide.
Bankruptcy is a process by which individuals or businesses may restructure or discharge their debts. Bankruptcy is a method of providing a potential reprieve from creditor calls, foreclosures, and evictions and provides the honest debtor a "fresh start" with their finances.
An individual debtor can pursue a "liquidation" discharge (Chapter 7) or a reorganization (Chapter 11 or 13). A corporate debtor can reorganize or restructure its debts under Chapter 11, including the discharge of any debts which are not a part of the debtor's Chapter 11 plan. A corporate debtor may also file under Chapter 7 but does not receive a discharge.