Consumer Bankruptcy Act

The Consumer Bankruptcy Act provides legal options for individuals overwhelmed by debt, allowing them to reorganize or discharge debts to regain financial stability. It establishes procedures for filing bankruptcy, outlines protections against creditors, and helps debtors create manageable repayment plans or eliminate debts entirely. The goal is to offer a fresh start while balancing creditors' rights, ensuring fair treatment, and maintaining economic order. The Act applies specifically to personal and consumer debts, excluding business debts or large-scale financial institutions. Overall, it aims to provide a structured and equitable way for consumers to resolve insurmountable financial burdens.