Bankruptcy is a legal process that allows individuals and businesses to resolve outstanding debts owed to creditors while offering them some protection during the process. There are restrictions on the types of bankruptcy you’re allowed to file. How you file depends on whether you are an individual or a business, your level of income, and the kind of debt you have.
Overview of bankruptcy
The purpose of bankruptcy is two-fold. First, it assists creditors in dealing with an insolvent debtor. Second, it allows individuals and businesses a chance to start fresh after a financial downfall. Bankruptcy can also preserve a business’s assets…
