Bankruptcy is a legal process that offers individuals and businesses relief from overwhelming debts. Chapter 7 helps eliminate most debts, while Chapter 13 sets up a manageable repayment plan. Bankruptcy may impact credit but is a fresh financial start. Success can follow bankruptcy with responsible financial habits. Exemptions protect essential assets. Rebuilding credit takes time but is achievable. Consulting a bankruptcy lawyers in virginia beach is crucial for guidance through the process and regaining financial control.