Bankruptcy is a legal status of a person or entity that cannot repay the debts it owes to creditors. It is a process governed by federal laws in the United States, allowing individuals and businesses to either eliminate or reorganize their debts. When someone files for bankruptcy, the court intervenes to oversee the process, which can result in a discharge of debts, meaning that the debtor is no longer legally required to pay certain obligations. There are several types of bankruptcy, with Chapter 7 and Chapter 13 being the most common for individuals. In Chapter 7 bankruptcy, non-exempt assets are liquidated to repay creditors, while Chapter 13 allows individuals to create a repayment plan to pay back debts over time. Bankruptcy provides a fresh start for debtors, but it also has significant consequences, including a negative impact on credit scores and potential loss of property.
Angell's Tumultuous Journey Ends in Liquidation The French electric bike startup Angell is on the brink of declaring bankruptcy and is set to initiate liquidation proceedings. This development was announced…