Bankruptcy is when you have no money or value at all. “In the United States, early federal bankruptcy laws were temporary responses to bad economic conditions. The first official bankruptcy law was in 1800 in response to land speculation, but it was repealed in 1803. Also in 1841, a second bankruptcy law was passed, but this law was quickly repealed in 1843.” Bankruptcy is important because when a debt is removed as part of a bankruptcy process, we would then say that the debt is dismissed. By filing bankruptcy, you are basically saying that you can't afford to pay off your debts. Filing for bankruptcy has been called the last option when it comes to finances, because it causes big effects. If you are overwhelmed by debt and have no other option
