bankruptcy filers

Bankruptcy filers are individuals or businesses that formally declare their inability to repay debts. This legal process allows them to seek relief from financial obligations while providing a structured way to pay off what they owe. In the United States, there are different types of bankruptcy, such as Chapter 7 (liquidation) and Chapter 13 (restructuring), each with specific rules. Filing for bankruptcy can help individuals reorganize their finances, stop creditors from pursuing collections, and in some cases, discharge certain debts entirely. However, it can also impact credit scores and financial futures.