Bankruptcy is a traditional way of eliminating massive debts. In the previous years filing for bankruptcy was a very normal thing for people in debt. Many people declared themselves bankrupt just because of unsecured debts. The big reason of easy bankruptcy was that the unsecured loans were not issued against any kind of securities or mortgage. So people find it very easy to use the money of financial institutions and then get rid of the responsibility of paying back. Even the process of bankruptcy was so easy at that time and did not require any documentations and tests of income and assets.
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