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Bankruptcy Terms to Know: Fresh Start

Achieving a fresh start is the guiding principle for bankruptcy. That very idea is why bankruptcy was woven into the law. It is designed to help you start your life over and make it more manageable.

Appropriately, it is what the debtor’s status is considered after a bankruptcy. It is actually written in as a purpose of the Bankruptcy Code. (The bankruptcy code is the federal law governing bankruptcy.)

The term couldn’t be more perfect. It defines the essence of bankruptcy as it is—a beginning instead of an end. At the end of the day, myths about bankruptcy can be put aside because it boils down to this one clear fact: Bankruptcy is there to help you. Use it.

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