A will is a legal document that directs how certain property that you own at the time of your death (called your probate estate) is distributed after your death. A will must be properly executed to be valid. Your will takes effect only upon your death.
Bankruptcy is a legal proceeding under federal law that allows a debtor who is having serious financial difficulties to obtain financial relief. Bankruptcy allows debtors to either eliminate their debts or repay them under the protection of the bankruptcy court.