Bankruptcy Reforms

Bankruptcy reforms are changes to the laws governing how individuals and businesses can declare bankruptcy and reorganize their debts. The main goal of these reforms is to make the bankruptcy process more efficient, fair, and accessible. They often involve adjustments to eligibility criteria, the duration of repayment plans, and the protection of certain assets. Reforms aim to balance the interests of debtors seeking relief from overwhelming debts and creditors wanting to recover their money. These changes can affect how easily someone can start over financially, as well as the broader economy’s health.