NAIROBI, KENYA: When faced with overwhelming debts obligations, some people turn to courts of law to file for bankruptcy.
They compel the courts to declare them bankrupt and insolvent, meaning that they no longer have capacity to clear their debts. They also set legal protection from creditors not to pursue them.
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Companies can also file for bankruptcy if they find that their debt has grown so high over time such that they may not manage to clear it. They go to courts of law so as to be protected from the harassment from creditors.
So, is this a smart …
Read the full article at: https://www.standardmedia.co.ke/business/article/2001256952/beware-bankruptcy-is-no-joke