What does Bankruptcy
Means?
Bankruptcy is a legal process that can provide relief to
honest but unfortunate individuals who are unable to pay their debts. The
bankruptcy process begins with a petition filed by the borrower (most common)
or on behalf of creditors (less common). All of the debtor's resources are
calculated and evaluated, whereupon the assets are used to pay back a portion
of excellent debts. Upon the successful completion of bankruptcy proceedings,
the borrower is relieved of the debts obligations suffered prior to bankruptcy.
