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What are the main purposes of bankruptcy for individuals who cannot pay their debts?

April 26, 2017Bankruptcy debts individuals main pay purposes

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What are the main purposes of bankruptcy for individuals who cannot pay their debts?

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For individuals who cannot pay their debts, bankruptcy has two main purposes. First, bankruptcy operates to give the debtors a fresh start “by canceling” many of their debts, through an order of the court. Second, bankruptcy operates to give the people who are owed money – the creditor – a fair share of the money that the debtors can afford to pay back.

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Posted

For individuals who cannot pay their debts, bankruptcy has two main purposes. First, bankruptcy operates to give the debtors a “fresh start” by canceling many of their debts, through an order of the court. Second, bankruptcy operates to give the people who are owed money – the creditor – a fair share of the money that the debtors can afford to pay back.