Bankruptcy or insolvency is the inability of the borrower (individual or legal entity) to make payments according to their own debt duties due to the lack of funds.
The procedure and rules of bankruptcy are registered in the Federal Law No. 127 of September 27, 2002 «On Insolvency (Bankruptcy)». This law is periodically subjected to changes, for example, in 2015 it became possible to recognize insolvent and individuals.
Today, there is a simplified bankruptcy procedure — it is possible to declare ourselves with bankrupt through «Multifunctional Centers» — they are the same MFC.
Freed from debts, a person can start life from a clean face, and this is the main plus.
As you can observe this procedure, there are not only positive parties, but also negative. To decide to announce yourself with bankrupt or not — only you, but it is necessary to weigh everything for and against.
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