What is bankruptcy?
Bankruptcy is a process whereby you are afforded protection if you cannot repay your debts or if you cannot reach a suitable agreement with your creditors.
How does a person become bankrupt?
You can choose to declare bankruptcy if you are unable to repay your debts. If a creditor applies for bankruptcy you can repay them.
Which debts are not protected under bankruptcy?
There are certain debts that you will still be liable for, even if you have been declared bankrupt.