¿Qué es la QUIEBRA?
Understanding Bankruptcy
What is Bankruptcy?
- Bankruptcy occurs when an individual, company, or government ceases economic activities due to insufficient funds to settle debts.
- Different scenarios exist for addressing bankruptcy, depending on the entity involved (individual, business, or government).
Individual Bankruptcy
- If an individual declares bankruptcy and cannot pay for their home, the bank or creditor may repossess the property as a resolution.
Business Bankruptcy
- A company entering bankruptcy undergoes a public process where it is assessed whether the responsible person has enough assets to resolve the situation.
- The goal is often to transfer ownership of the business to a new party who can manage it effectively.
Government Bankruptcy
- For governments facing bankruptcy, solutions typically involve external assistance or financial aid.