Bankruptcy is a process where an individual files a case officially stating that he can't repay his debts anymore and allows his collateral to be distributed among his creditors. This is a way of letting his creditors not to disturb or harass him as he has no means of repaying his debts. After filing for bankruptcy, it is the government's responsibility to distribute the collateral among the lenders based on certain factors. All the creditors do not get an equal share of the property but few may get a higher percentage while the others might get a lower percentage in the property.
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Evaluation of the percentage of the share that they get in the property is based on various factors like the amount lent to the individual, duration of the loan, type of loan and several other factors. Based on this, a preference is given to those who have high ranks in all these aspects. And the property is divided based on the preference criteria.
Bankruptcy, though looks like a smart option to an individual who cannot repay his debts, has disadvantages too on the other side. Though bankruptcy, one may or may not repay all his debts based on the situation he is in. but on the same time, the individual loses his ownership on his collateral. In addition to these, if there are any cosigners involves along with you in the process, they are not spared because of this and have to pay part(or even whole) of the debts that they are involved along with you.
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