The Two Sides of Bankruptcy
Say bankruptcy to a person and for sure he will instantly connect it to these things: closing down of companies, losing much money, bad debts, repossession of properties, strict legal procedures and even cutting off of utilities services. But are these the only things associated with bankruptcy? Let us first tackle what bankruptcy really is. What is Bankruptcy? In finance, bankruptcy is a legal process by which people and businesses can obtain a fresh start from their debts. Filing for bankruptcy means that a person or a business is in dire financial difficulty. The entity cannot repay the debts owed based on the agreement made with creditors.
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