National bankruptcy laws

National bankruptcy laws are legal frameworks that help individuals or businesses unable to pay their debts by providing structured processes to reduce or eliminate debt, and fairly distribute remaining assets among creditors. They aim to give debtors a fresh start while balancing the interests of creditors. These laws specify different types of bankruptcy procedures, eligibility criteria, and rules for assets, debts, and repayment plans. While specifics vary by country, their core purpose is to ensure an orderly resolution for insolvent parties and promote economic stability.