Bankruptcy is a term that legally declared the inability of an individual or organization to repay their financial obligation.

Bankruptcy can be filed by creditors against the individual or organization who are not able to repay their debts or it can be filed by individual or organization themselves, we called this self declared bankruptcy.

If you are thinking of filling a bankruptcy may help you to get protection from your debtors, please think twice as the implication of filling a bankruptcy may impact your life in the future. You should consult bankruptcy professional such as banker, financial advisor, lawyer as well as debts advisor.

On top of that, filling bankruptcy is not free, it involves cost such as lawyer fees, court filling fees etc, it is a long winding process as well.