Bankruptcy is a tool that can be used by businesses or individuals to either reorganize or eliminate their debts, while at the same time protecting as many of their assets as possible. Debts are put behind, creditors are prevented from harassing or contacting the debtor, and the debtor gets a "fresh start." In order to get the most out of filing bankruptcy, pre-bankruptcy planning is essential. While filing bankruptcy is a decision that should never be taken lightly, it is sometimes the best course of action. Above all, it should be kept in mind that bankruptcy is a business decision, and does not reflect poorly on an individual's character or morals. If you are interested, click here to see a brief list of some well known companies and individuals that have filed bankruptcy.