Simply put, bankruptcy is a legal process that helps individuals or businesses in debt obtain relief from creditors. By filing for bankruptcy, debtors are allowed to discharge some of their debts in exchange for giving up some of their assets. Depending on the type of bankruptcy filed, this can be anything from income and property to personal possessions. Options available to those looking to get out of debt without filing for bankruptcy: Debt Consolidation, Private Lenders, and Negotiate with Creditors. For more details, visit Brayden Hooper Mortgages.