The word "bankruptcy" is usually used when someone is unable to pay up/back his or her debts. Bankruptcy is simply a way of dealing with debts you cannot pay.It helps to free you from overwhelming debts so you can make a fresh start, subject to some restrictions; and make sure your assets are shared out fairly among your creditors.
Bankruptcy is an option if you are completely unable to pay back your debts and a court appoints a trustee or Official Receiver to take over the management of your financial affairs for a limited period of time.
In this situation, the Official Receiver will be entitled to sell your assets - such as your house and possessions - in order to raise the money needed to pay off your creditors.
Click to read more about Some Important Facts You Should Know About Bankruptcy
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