Bankruptcy and Banking: Exploring the Relationship and Navigating the Process

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Introduction

Bankruptcy and banking are two interconnected concepts that often go hand in hand. When individuals or businesses find themselves unable to meet their financial obligations‚ bankruptcy offers a legal framework for starting anew.​ In this article‚ we will explore the relationship between bankruptcy and banking‚ and how individuals or businesses can navigate the process to rebuild their financial lives.​

Understanding Bankruptcy

Bankruptcy is a legal process that provides individuals‚ corporations‚ or partnerships with a fresh start by eliminating or restructuring their debts.​ Its primary purpose is to provide relief to debtors while ensuring fair treatment to creditors.​ Bankruptcy laws vary from country to country‚ but the underlying principles remain the same.​

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