What is Bankruptcy
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What is Bankruptcy
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About this listen
This episode we explain bankruptcy, a legal process for individuals and businesses unable to repay debts. It details the two main types of bankruptcy in the UK, Chapter 7 (liquidation) and Chapter 13 (reorganisation), outlining their requirements and processes. The article also covers the benefits of bankruptcy, such as debt relief and creditor protection, and the steps involved, including credit counselling and a meeting of creditors. Finally, it emphasises seeking professional advice before filing for bankruptcy.
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In the spirit of reconciliation, Audible acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today.