Bankrupt | What does bankruptcy actually mean?
Being bankrupt means that a bankruptcy order has been made against you. Or you may have petitioned for the bankruptcy yourself. Bank-Rupt Ruptured or broken bank. Broken money. Its all the same it is a position that many people find themselves in. In fact there are lots of people that need the actual relief of the bankruptcy order as it creates a fresh start and a new beginning for the bankrupt. with the exceptions of those self harming individuals that still consider that they will repay their debts or unscrupulous money lenders or friends and associates that they are indebted to. Sadly for these people the pressure will not be released. We see it numerous times where a bankrupt continues to offer an ability to repay debts to specific creditors after bankruptcy. It can cause immense harm the bankrupts future and is not advised in any way unless you are supremely confident that you can make the money needed to get through
A bankrupt is an individual against whom a bankruptcy order has been made by the Court. The order signifies that the individual is unable to pay his / her debts and deprives him / her of his / her property, which is then released for distribution among his / her creditors.