Asked by Ashley Melton on May 27, 2024
Verified
What are the two general goals of bankruptcy laws?
Bankruptcy Laws
Statutes and regulations governing the process by which individuals or entities who are unable to repay debts to creditors may seek relief and reorganize or liquidate assets.
General Goals
Broad, overall objectives or aims that an individual, group, or organization seeks to achieve.
Bankruptcy
A legal status of a person or entity that cannot repay the debts it owes to creditors, often leading to a legal process for debt relief.
- Comprehend the objectives and foundational concepts of bankruptcy legislation and their real-world implementation.
Verified Answer
ZK
Zybrea KnightJun 02, 2024
Final Answer :
First,bankruptcy laws provide protection to creditors.Bankruptcy laws ensure that creditors competing for a debtor's assets are treated equally and receive a fair share of the debtor's assets.Second,bankruptcy laws provide opportunities for debtors to gain a fresh financial start.
Learning Objectives
- Comprehend the objectives and foundational concepts of bankruptcy legislation and their real-world implementation.