What is Bankruptcy?

Proceeding of code in which the code and judge examine the assets of individuals and check liabilities/assets of individual businesses and partnerships has become overwhelming when the court believes that the person cannot afford to pay off. In that case, the judge and the court decide that the person is not able to pay the debts and dismiss all the cases. According to this the person is no longer legally required to pay all the debts. The code also discontinues the case if they find that the person is good enough to pay all the bills and debts.


  1. The bankruptcy declared by whom: In 2019, around 774,940 cases were filed against bankruptcy. Most of the people among those cases who filed for bankruptcy were not able to pay off their debts. They took this as an opportunity to start again. The surprising thing about bankruptcy cases is that people file bankruptcy cases more than organizations and businesses.
  2. When to declare bankruptcy: If you are thinking of filing a case against bankruptcy you should ask yourself a question- Can you pay your debts within 5 years? If the answer is no, you should file a case. At that moment you can declare bankruptcy. The thinking behind this court of bankruptcy is to give yourself a chance to start again. The last thing you want is to become depressed and punish yourself due to financial issues. If you find that you are not qualified to file bankruptcy there is also hope for relief from your debts. If you are looking for a bankruptcy attorney in Charleston, WV you can find them with a click of a button. Before filing a bankruptcy case you should also understand that there are repercussions such as not being able to take out a loan for 6-7 years in the future. However, the great side of a bankruptcy filing is that it can lead to freedom from feeling overwhelmed by debt. You can start a new beginning.  
  3. Why to declare bankruptcy: This seems to be a very obvious answer. Declaring bankruptcy is important because if you are unable to take care of your debts and cannot pay them off, something has to be done.