Good-Guy
VIP Contributor
Debts and borrowing loans is something that many people have been doing for a really long time. Loans are one of the important aspects of finance and business. Unfortunately, dealing in loans is not that easy for lenders and borrowers. Whenever the borrower fails to pay the debts, they usually become a "Defaulter". The term defaulter could apply to a party that does not pay back the loans or pays the money late. It could also refer to the parry that does not pay the interest and it also applies to individuals or any body that does not provide mortgage to the lender. This is a normal situation when the companies or individuals go bankrupt and they become unable to pay their debts.
In fact, even many countries could become defaulter when they become financially weak and unable to pay the debt on an international level. During the pandemic, many people and companies became defaulter and filed for bankruptcy. I am not sure what happens after they become defaulter or file for bankruptcy, but I think since most of the business organizations are insured, they tend to recover the funds through insurance companies. I think this might be one of the reasons they tend to secure themselves. What do you think happens after some individual, country, or any business firm becomes "Defaulter"?
In fact, even many countries could become defaulter when they become financially weak and unable to pay the debt on an international level. During the pandemic, many people and companies became defaulter and filed for bankruptcy. I am not sure what happens after they become defaulter or file for bankruptcy, but I think since most of the business organizations are insured, they tend to recover the funds through insurance companies. I think this might be one of the reasons they tend to secure themselves. What do you think happens after some individual, country, or any business firm becomes "Defaulter"?