What Is a Personal Guarantee?

A personal guarantee is a legal commitment by an individual to personally take responsibility for a debt or obligation if a business or another party fails to fulfill its financial obligations. In the context of business transactions, lenders or creditors may require...

What Is a Bankruptcy Petition?

A bankruptcy petition is a formal legal document filed by an individual or entity seeking protection under the bankruptcy laws. It initiates the bankruptcy process and serves as the official request for relief from overwhelming financial obligations. The bankruptcy...