Difference between revisions of "Debtor’s Options for Getting Out of Debt"
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'''Bankruptcy''' is a legal process where the debtor gives up most of their assets to get rid of their debts. The most common way for a debtor to go bankrupt is to voluntarily declare bankruptcy by making an “assignment in bankruptcy”. Going bankrupt is a long process with serious consequences, so it represents the most drastic option for getting out of debt. | '''Bankruptcy''' is a legal process where the debtor gives up most of their assets to get rid of their debts. The most common way for a debtor to go bankrupt is to voluntarily declare bankruptcy by making an “assignment in bankruptcy”. Going bankrupt is a long process with serious consequences, so it represents the most drastic option for getting out of debt. | ||
For more on this option, see the section on Assignments in Bankruptcy. | For more on this option, see the section on [[Assignments in Bankruptcy]]. | ||
== Related topics and materials== | == Related topics and materials== | ||