Bankruptcy is a legal status for individuals or businesses that cannot repay their debts

https://www.articleted.com/article/884245/43204/Advantages-of-Having-a-Bankruptcy-Lawyer-When-Filing-for-Bankruptcy-

Bankruptcy is a legal status for individuals or businesses that cannot repay their debts. It offers a fresh start by restructuring debts or liquidating assets, providing relief from overwhelming financial burdens and protecting against creditors.