What is bankruptcy?

 The basic definition of bankruptcy is a legal process which is undertaken by a debtor (an individual or business entity) who is insolvent. The debtor is unable to pay his or her debts and thus places his or her financial affairs under the control of the bankruptcy court. In some cases, this means a liquidation of assets and property in order to pay creditors. It may also mean a special payment plan in order to help the debtor keep his/her assets.
Depending upon the specific situation, a debtor may file under a specific "chapter" of the bankruptcy code. For more information on specific types of bankruptcy, please click on Find out more.

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Topics covered include deciding to buy a home, financial preparation, the importance of good credit, budgeting, finding a real estate agent, navigating the loan process, programs for first time homebuyers, documents used in the purchase process, finding a home, making an offer, inspections and disclosures, escrow and title insurance and closing. A glossary and additional resources are provided..

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