Welcome to Bankruptcy Information. If you’re thinking of
declaring yourself or your business bankrupt, it’s absolutely crucial that you educate yourself on the correct
process before making any decisions.
What is Bankruptcy all about?
Essentially, bankruptcy is a legal process whereby the debtor officially declares their inability to repay
their debts. It offers certain legal protection to the declarer and has important ramifications for both creditors
and debtors. The bankruptcy act has strict rules when it comes to declaring yourself bankrupt.
There are two fundamental ways in which an individual or business can be made bankrupt – either
voluntarily, by completing and filing the appropriate paperwork, or involuntarily, by order of a court. The latter
generally occurs at the instigation of a creditor who is owed $2000 or more.
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