2010 Bankruptcy

The 2010 bankruptcy refers to a significant number of U.S. individuals and businesses filing for bankruptcy due to the economic downturn that followed the 2008 financial crisis. It highlighted widespread financial distress, with many unable to meet their debts due to job losses and falling asset values. The increase in filings led to reforms in bankruptcy law, aimed at making the process more manageable. Bankruptcy is a legal process that allows individuals or businesses to eliminate or repay their debts under court supervision, providing a fresh start while balancing the interests of creditors.