What do you lose if you declare bankruptcy?

Bankruptcy is a legal proceeding involving a person or business that is unable to repay its outstanding debts. Filing Chapter 7 bankruptcy wipes out most types of debt, including credit card debt, medical bills, and personal loans. The court decides whether to discharge the debts, meaning those who owe, are no longer legally required to pay them. For more advice visit https://www.attorneyfortampabay.com/