Bankruptcy is a legal process designed to provide debt relief to individuals, businesses and other entities struggling with overwhelming debt.

This process allows debtors to reorganize their financial affairs and obtain a fresh start, while also providing protection from creditors. While bankruptcy can be a complex and difficult process, it can also be a valuable tool for people and companies facing financial hardship.

What should people know about filing for bankruptcy? What impact can it have in the future? Tony Na’ayem, business law instructor at Missouri State University, answers these questions and more on Lawfirm.com.