What is bankruptcy? It's a legal process that allows individuals overwhelmed by debt to eliminate or repay their debts under the protection of the federal government. Filing for bankruptcy can help you regain financial control by discharging many unsecured debts, such as credit card balances and personal loans. While it may affect your credit rating temporarily, bankruptcy offers a structured way to rebuild your finances and achieve financial freedom. Let us explain how bankruptcy can benefit you and help you start fresh.