Bankruptcy is a legal status that can either exempt a person of the responsibility of paying back their debt, or reduce the debt a great.
In Chapter 7 bankruptcy the debtor does not have to pay back any of his or her creditors. There are certain criteria that must be met before a debtor can apply for this status.
A bankruptcy attorney will establish what chapter of bankruptcy his client must file for. He will conduct the median test to see if his client file for chapter 7 or chapter 13 bankruptcy. After this is established, the attorney would start gathering information on all of creditors so that he can put the necessary paperwork together to file for Bankruptcy for his client.
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