Bankruptcy is a legal and honorable way to cancel most or all of your bills. It is a legal procedure that, if you qualify, stops your creditors from ever trying to collect their bills from you again.
People get over their heads in debt and have to have a way out, a way to get a fresh start, a clean slate. Watch this video below, prepared by the U.S. Courts, which explains a little about bankruptcy and what it can do for you.
Most people are not aware of this, but over 1,000,000 people file bankruptcy in the United States each year. We have to have bankruptcy laws in a free enterprise system because otherwise, people could suffer under extreme debt for their entire lives.
This would keep them from being productive citizens. Bankruptcy is a fair and legal way to remove the cloud of too much debt, and allow people to live and work in peace, without constant harassment by their creditors, lawsuits and court judgments, and bad credit.