Bankruptcy Act

The Bankruptcy Act is a law that helps individuals and businesses that cannot pay their debts. It allows them to either reorganize their finances to pay back creditors over time or, in some cases, completely eliminate certain debts. The process is managed by a court, which ensures fair treatment for both debtors and creditors. The Act aims to give struggling individuals a fresh start while providing creditors with a chance to recover some of the money owed. Different types of bankruptcy filings exist, depending on the situation and type of debtor.