Bankruptcy is a legal process, based on federal laws, which may allow you to discharge much of your debt or give you time to repay your debt without creditor interference. For many people with a health condtion, bankruptcy provides a second financial chance.

It is more difficult to file bankruptcy than it used to be. However, bankruptcy may still be a useful alternative if you need it.

Filing bankruptcy can be the right decision if you are overburdened with debt -- particularly when medical expenses are a primary cause for the situation. Half of all personal bankruptcies are due to medical debt. As one person who went through bankruptcy put it: "Afterward, it was as though a big weight had been lifted off my shoulders. Now I can move forward instead of being stuck."

Before you file for bankruptcy, make sure you look at all the alternatives and consequences. If you do proceed, a good understanding of the process, and a lawyer who is sympathetic to what it's like for people to go through bankruptcy, will make it a lot easier.

There are three types of Bankruptcy used by individuals: Chapter 7, Chapter 11 and Chapter 13. We help you understand Chapters 7 and 13, the Chapters usually used by individuals. Chapter 11 is reorganization used by people with high net worth who are looking to reorganize their financial lives the way the companies such as airlines reorganize.

NOTE: An employer can discriminate against a prospective employee who has gone through bankruptcy. However, an employer cannot discriminate against an employee because of the employee's bankruptcy.

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