Bankruptcy is the process where a person hopelessly burdened with debt gets the chance to start over with their their debts eliminated. For this to happen, you trade what you own with a Licensed Insolvency Trustee in exchange for the removal of your debts. Though it may seem excessive, the bankruptcy law is an effective way for the debtor to have impossible debt lifted from their shoulders while still being fair to the creditors involved.

Used effectively, bankruptcy means that debt does not have to be the end of your life. You can look ahead and start fresh once again.

Tune in below to see an expert’s look at bankruptcy.