If you are a businessperson or an individual who has to clear off the debt that you have taken from various investors or creditors then a condition may arise where you are unable to pay off your debts. This condition is known as bankruptcy. In the British system it is also known by the name insolvency. In this condition you can file for the bankruptcy status with the court. When granted that status you would be saved from the various demands by your creditors. This will also help you to get a ne...