What are the main purposes of bankruptcy for individuals who can not pay their debts?

For individuals who can not pay their debts- called “debtors”-bankruptcy has two main purposes:
First, bankruptcy operates to give the people who are owed money-the creditors-a fair share of the money that the debtors can afford to pay back.
Second,bankruptcy operates to give the debtors a fresh start, by cancelling many of their debt, through an order of the Court called a “discharge”.
For additional information about filing bankruptcy, please contact the office of John Rogers, Attorney at Law, at johnrogers@glasgow-ky.com  or toll free at 1-888-651-9353 for further information or to schedule a free, no obligation appointment.
John Rogers, Attorney at Law is Board Certified-Consumer Bankruptcy Law-American Board of Certification and is a member of the National Association of Consumer Bankruptcy Attorneys.