Though high-profile business bankruptcies such as Sports Authority and Radio Shack dominate the news, over 90% of bankruptcy filings each year are by individuals. T/F

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30-03-2022
Law

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Though high-profile business bankruptcies such as Sports Authority and Radio Shack dominate the news, over 90% of bankruptcy filings each year are by individuals. T/F

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Tundexi Tundexi · Answer 1 · 2022-03-31T12:45:20+02:00

It is a true statement that over 90% of bankruptcy filings each year are by individuals.

What is bankruptcy filings?

A bankruptcy filings is a procedure that help a person to discard their debt or makes a plan to repay their debts.

Bankrupted Individual debts are wiped out with your filing's court approval which can take a few months or may need continuous payments on those balances throughout the repayment plan.

In conclusion, It is a true statement that over 90% of bankruptcy filings each year are by individuals.