A person must always be able to spend and cover their expenses with their income. If one is able to evaluate their abilities, they will never find themselves in this unfortunate circumstance. Do you know what it means to be bankrupt? It means you are useless, a person with no assets, so poor that he has no surplus income and relies on others for his entire existence. In straightforward terms, he or she is a burden on mother earth. Even trash that decomposes is better known than an insolvent individual; at least trash enriches the soil.
It would be simple to assert that you are insolvent, so there is no need for concern regarding your debts. What will happen to the lender's finances if not only the debtor fails to pay, but also the individual to whom he entrusted an asset? Due to the inefficiency of a single individual, he has no protection at all, as two lives are directly jeopardized and the entire chain of financing is indirectly undermined.
Those who have money to share with those who do not have sufficient assets to spend all at once will be hesitant to do so due to the possibility that they will not receive the expected return nor the money they have lent. Those who effectively administer a business and generate new opportunities by acquiring loans will be disrupted. In the end, the entire economy is impacted by a single decision to declare an individual bankrupt rather than provide an opportunity for the debtor to repay the debt.
Consider once self as a person saddled with a massive liability, but doing his best to conceal it and create his own surplus. He discovers ways to settle and pay off his debt. He seeks out negotiators and lender relives in order to reschedule the liability. Consider alternatives such as reduced interest rates, installment-based payments, service and property in exchange for the debt.
Does this not assist the lenders? Doesn't this encourage lenders? Debt settlement raises the standard of living for the populace, the nation, and the entire economy. Therefore, debt settlement is preferable to bankruptcy. It is, debt settlement is preferable to bankruptcy for a responsible person.""
" - https://www.affordablecebu.com/