bankruptcy law reform

Bankruptcy law reform involves updating and modifying laws governing how individuals and businesses manage debt when they cannot pay what they owe. These reforms aim to balance debtors' relief with creditors' rights, streamline the legal process, and ensure fair treatment. Changes may address eligibility criteria, repayment plans, discharged debts, and protections against abuse. Essentially, reform efforts seek to make bankruptcy more effective, transparent, and equitable, helping debtors regain financial stability while maintaining trust and fairness in the overall economic system.