The word bankruptcy strikes fear in the hearts of business owners and individuals. Its very easy to conjure up thoughts of debt consuming your life, losing everything you own and ending up penniless. However, while many would go to any lengths to avoid bankruptcy, sometimes it can actually be the best solution to clear a persons debts.
What is bankruptcy?
In the UK, bankruptcy is a state of personal insolvency where an individual is unable to repay their debts. Though you may have heard of companies going bankrupt, that term applies to those in the United States of America. In the UK, insolvent companies can close through a liquidation.
An individual can get into debt for many reasons, be it loans, credit cards, a sudden change of circ…
Read the full article at: https://london-post.co.uk/is-personal-bankruptcy-as-scary-as-it-seems/
