Bankruptcy is a legal process where individuals or businesses are declared insolvent, and their assets are distributed among creditors. It's a last resort for those struggling with debt, but it can have significant implications on personal and financial well-being.
Source: https://dailygram.com/blog/1178946/what-is-bankruptcy/
Bankruptcy is a federal bankruptcy reform law that allows individuals or businesses to reorganize or liquidate their assets to pay off creditors. There are several types of bankruptcy, including Chapter 7 (liquidation), Chapter 11 (reorganization), and Chapter 13 (reayment plan).
Bankruptcy can have significant implications on personal and financial well-being. It may lead to: