Bankruptcy and Insolvency Law

Bankruptcy and insolvency law deals with the financial situations where individuals or businesses cannot pay their debts. Insolvency occurs when liabilities exceed assets, meaning a person or a company owes more than they own. Bankruptcy is a legal process that helps these entities settle their debts, either by restructuring payments or liquidating assets to pay creditors. The law aims to provide a fair way for debtors to manage their financial difficulties while protecting creditors’ rights. It also offers a fresh start for individuals and businesses, allowing them to rebuild financially after a period of financial distress.