Hello, my name is Andrew Griffin the third I have been an attorney licensed by the state of California for over 35 years I’m often asked what is bankruptcy the term bankruptcy according to Webster means either the quality or state of being bankrupt or utter failure or impoverishment and Today’s language to be bankrupt means you don’t have the money to pay your bills To file bankruptcy then is to accept that you can’t pay your bills and to take action to move forward by getting a fresh start Legally bankruptcy is actually a federal program that allows companies or individuals Including married couples to obtain a fresh start by reorganizing or discharging their debts For consumers the two most common types of bankruptcies are chapter 7 and chapter 13 a chapter 7 bankruptcy generally wipes out or Discharges your unsecured debts such as credit card debts Medical bills etc. A chapter 13 bankruptcy is a method of reorganizing or structuring your debts to allow you to Discharge what you can and get caught up on debts that you want or need to keep paying such as house payments tax Obligations, etc. The theory behind bankruptcy starts with the basic concept that one shouldn’t spend the rest of their life trying to pay off a debt that they’ll never be able to get rid of a Loss of employment or significant injury can create a financial hardship that can be devastating Bankruptcy is as old as when people first started lending money or commodities to each other That errata me talks of forgiving one’s neighbors debts every seven years and there are numerous other biblical References to such a concept so you should consider filing bankruptcy If one your debts are overwhelming you and you see no way to pay them off in the next two years – you are behind in your house payment or a tax obligation. You see no way to get caught up or Three you have just lost your job Or recovered from a serious illness and don’t know how you’ll you will be able to pay your bills if any of these apply Control a competent bankruptcy attorney in Europe your area. This is Andrew Griffin Andrew Griffin law office calm today We are helping you understand the bankruptcy process If you want to learn more about bankruptcy go to Andrew Griffin law office calm to get a free copy of my book