When it comes to bankruptcy although it is in the news more frequently and we know of more close to home cases, it doesn't mean all the questions are answered.
Bankruptcy can be a complex process or an easy process depending on your personal assets, your income, your debts and what you know about the system.
The little you know the harder bankruptcy can be.
There is several main bankruptcy questions asked over and over again.
Take a look at the questions and answers below to help get a better understanding of what bankruptcy is and how it can benefit your situation.

1. What is bankruptcy? This may seem like a clear question but for some it may still be clouded.
   Bankruptcy has been created to provide opportunities to those who may be so burdened with debt they have no options or places to turn.
   It can be considered a fresh start in the financial world.
   
2. How is my spouse affected? Your spouse's involvement in your debt really determines the answer to this question.
   For example, if you share a credit card that is part of the debt problem then yes that are involved and should be included in the bankruptcy.
   On the other hand if you had this debt before you were married or common law and they did not contribute to it then they are not affected in the least.
   
3. Who will know? The number one reason people fear the term bankruptcy is because of the negative stigma attached to it.
   The people who know will of course be the creditors and other people or businesses you owe money to and the legal assistance you seek to help resolve these issues.
   The only people who will know are involved or you have told.
   It can be as confidential as you make it.
   
4. How long does bankruptcy take? If you have never been bankrupt before it generally takes about 9months for completion.
   Of course this is subject to change depending on the amount owing and how easily the bankruptcy court was able to settle your debts and make the appropriate arrangements for them to be paid over time.
   Unfortunately, there is no set time frame for a system such as this.
   
5. What about my income during bankruptcy? This is a very good question that should not be ignored.
   Generally, the bankruptcy court would expect a certain amount of your wages to be paid to your creditors and debts and proof of this is required through multiple hearings.
   You can still work of course but your money will be divided to your debts for as long as the courts deems necessary.
   

These are the top five questions in relation to bankruptcy that should definitely be answered clearly before you make any final decisions about your financial future.
Bankruptcy is final and will go on your record so as long as you understand the process fully it may be the only option for you.
Talk to your financial professionals to answer any remaining bankruptcy questions.