Bankruptcy is a legal term which is used to describe a person or an entity which is no longer sufficient enough to pay off its creditors. The process of bankruptcy usually starts with a petition, which is filed by the debtor that he can no longer pay off his debts. After that all of the debtor’s properties, assets and bank balance are evaluated and sealed which are then used to repay the unresolved debt.
Bankruptcy filing differs from country to country but in most cases it is levied by a court order after the petition is filed by the debtor.
Although the process of bankruptcy is a relief for the insolvent debtors to free themselves from unsettled debts but in Read More
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