What Is Bankruptcy?

Bankruptcy is a legal proceeding that allows individuals and businesses to reorganize or dissolve their debts and assets when they are unable to pay them.

The process of bankruptcy typically begins with a petition to the court, followed by an investigation into the individual's or business's financial situation.

Types of Bankruptcy

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The benefits of bankruptcy include:

Conclusion

Bankruptcy is a complex process that can have far-reaching consequences for individuals and organizations. However, it can also provide a valuable opportunity for restructuring debts and starting anew.