What Does Declaring Bankruptcies Mean?

What Does Declaring Bankruptcies Mean?

1 Answer

  1. Declaring bankruptcies mean that s business or an individual cannot repay their debts to the creditors. Bankruptcy is a legal proceeding. It is a process where either the debtor or the creditor file for bankruptcy.
    On filing for bankruptcy, the debtors assets are evaluated and the outstanding debt may be repaid using those assets.
    Bankruptcy is a way for companies to start afresh.
    When a bankruptcy proceeding is successfully completed, the debtor is no more obligated to repay outstanding debt and gets a second chance to start again.

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