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24 February, 17:48

A legal process in which a borrower is relieved of debts after showing an inability to pay is called?

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  1. 24 February, 20:11
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    Bankruptcy

    Explanation:

    After declaring bankruptcy, all of your financial obligation would be wiped up, minus several exceptions. For example: Child support, student loans, and alimony would not be deleted even if you declared bankruptcy.

    Even though bankruptcy eliminate your current debts, it actually will create more financial problems for you in the future. For example, it will be almost impossible for you to qualify for mortgage or any other types of bank oloans.
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