What is bankruptcy?
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The truth behind the stigma.
What is it?
Bankruptcy is a court order you can apply for if you're in debt. It may be the best way for you to free yourself from excessive debts that you simply cannot pay by sharing out any assets you have among your creditors.
Someone you owe money to could also make you bankrupt, even if you don't apply for it yourself.
Who is affected by bankruptcy?
Anyone can go bankrupt, including individual members of a business partnership. But remember, you don't have to become bankrupt just because you're in debt; there are other options available to you.
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