Declaring personal bankruptcy is often a last resort option for debt management. If you declare bankruptcy, you are granted a court order saying you don’t have to pay off certain debts.
However, the effects of filing for bankruptcy are long-lasting. It stays on your credit report for 10 years and can make it hard to get a line of credit, buy a home, or sometimes even get a job.
The U.S. Courts put together a video series explaining the bankruptcy process, the relief it offers and how to find legal help you might need. If you’re considering filing for bankruptcy, these videos could help you understand what’s involved.