what is bankruptcy, how does it work, how does it affect your credit, and what does it do?
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Bankruptcy is when a person or a company owes a lot of money that they can’t pay back. It’s like when you borrow some money from a friend and you can’t pay them back because you don’t have enough money.
When this happens, a person or a company can ask the court for help.
The court will look at how much money the person or company owes and how much they can afford to pay back.
Sometimes the court might say that the person or company doesn’t have to pay back all the money they owe, but they might have to sell some of their things to help pay back some of the money.
But don’t forget that you have to Declare It !
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