Personal Bankruptcy

Personal Bankruptcy

Table of Contents

Bankruptcy1

Personal Bankruptcy1

Declaring Personal Bankruptcy2

Bankruptcy as a Last Option2

Conclusion2

References4

Personal Bankruptcy

Bankruptcy

Bankruptcy is a process in which the law gives relief to the debtors-corporations or individuals-through some legal procedures. A person or corporation, when unable to pay their debts file for bankruptcy, and the court provides them protection from their creditors and provides relief to them from paying off their debts. Although the court releases the debtor from many of the debt, not all of the debt is let off. The court decides whatever debt the debtor may pay, keeping in view the income and property of the debtor. The ...