In which stage or stages of the business cycle would there be more personal bankruptcies more business formation?

It is called depression phase. Depression is an extreme and delayed downturn in financial movement. In financial aspects, a misery is normally characterized as an outrageous retreat that endures at least two years. A sadness is described by financial factors, for example, considerable increments in joblessness, a drop in accessible credit, decreasing yield, liquidations and sovereign obligation defaults, diminished exchange and business, and managed instability in cash esteems. During despondency, buyer certainty and speculations diminish, making the economy close down.