Basic Info on Bankruptcy

Bankruptcy refers to impossibility to cope with financial duties. As a matter of fact, both private individuals and legal entities can become subjects of a bankruptcy procedure. It must be mentioned, that bankruptcy is a special legal procedure involving documentary support of a person’s (or a company’s) state of being broke. Individuals claim bankruptcy when they are unable to repay loans due to certain unwanted negative conditions connected with deteriorations of health or financial losses connected with unforeseen expenses etc. Legal entities claim bankruptcy in case of impossibility to: pay wages to employees; repay mortgages (if any); pay for equipment, rent, utilities and a make lot of other current payments. More info: bankruptcy Calabasas

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