FAQ

Frequently Asked Questions: Bankruptcy is a legal process that gives individuals in financial difficulty and opportunity to have a fresh start. To qualify for bankruptcy, an individual must owe at least $1,000 and not be able to meet his or her financial obligation as they become due.

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Who will know?

In a typical bankruptcy, your creditors are informed. There is no requirement to contact your employer. The bankruptcy does however become a matter of public record and can be accessed. The bankruptcy will also be reflected on your credit report for 6 years from the date of your discharge. This does not mean you cannot obtain credit, as granting credit is the responsibility of the entity issuing the credit.