Thread: What is it?

If you are unable to pay off your debits, then you need to file for personal bankruptcy. If your debt is climbing at a faster rate than you can pay off there enters bankruptcy.

hello friends,
I need this anwer for my history project.
Oh btw what can I draw for this question?
thanks

That is the main purpose of filing bankruptcy.when debt is climbing faster than you can pay there is only one option which is filing personal bankruptcy.Bankruptcy law has such a provision called foreclosure and automatic stay from which you can get some relief of such situations when you file the personal bankruptcy.