Mika
VIP Contributor
Bankruptcy laws vary from country to country, and there is no universal law that applies globally. In some places individuals cannot simply declare bankruptcy; they must repay their debts, even if it means seeking financial help from immediate relatives or selling assets. To understand which debts are discharged when declaring bankruptcy, it's essential to check the specific laws in your residing country. In our country, declaring bankruptcy isn't a way to get out of debt. If a person can't repay their debt, creditors may seize their property. If the property's value is insufficient, creditors may go after close relatives, such as a spouse, parents, or children. Unsettled debts could lead to imprisonment, with the debtor spending a few years behind bars.
