Bankruptcy is defined as the financial state in which the total amount of outstanding debt belonging to an individual or a business exceeds the total of assets and funds belonging to them - or their respective estate. Financial insolvency, which is the the financial state of affairs that usually takes place prior to the filing of bankruptcy, is considered to be the circumstance in which to decide whether or not bankruptcy will or can be declared. In addition the prerequisites required to file for bankruptcy -both legal, as well as financial, there also exists various options and associations that exist in tandem with the declaration of bankruptcy. The bankruptcy process entails the removal of certain debt subsequent to the repayment process of all outstanding debt to [...]