A legal tool that may be used by consumers and businesses when debts and liabilities exceed assets. Depending on the type filed, bankruptcy can result in liquidation and a discharge of debts or a court-supervised repayment plan prior to discharge.
A legal tool that may be used by consumers and businesses when debts and liabilities exceed assets. Depending on the type filed, bankruptcy can result in liquidation and a discharge of debts or a court-supervised repayment plan prior to discharge.