Imagine living under Roman law in 450 BC. Now imagine you’re in debt, and own your creditors a significant amount of money. Under Roman law, creditors would have the choice of either selling you into slavery, or even killing you. Fortunately, for the sake of humanity, today individuals have a more civil option for handling their debt – known as bankruptcy. For many, bankruptcy is often viewed as a “fresh start,” although it will not wipe out all debts. Mostly anyone can file for bankruptcy to aid their financial struggles, even large organizations and athletic franchises. In fact, the Pittsburgh Penguins are the only sports franchise to file for bankruptcy twice, in 1975 and 1998.

“How do I file for bankruptcy” is a common question asked by individuals who are in a lot of debt. First, it’s important to Read More