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When an organization, or an individual is not in a position to repay the loan amount given as per the legal laws, the bank or the investors can legally take action and file for bankruptcy, in other terms knowing the situation and being aware that the one who owes them is not in a position to repay this amount can demand for some sort of settlement or go ahead and file for bankruptcy.

Disclaimer: This editorial content is not provided or commissioned by the banks or credit card issuer(s). Opinions expressed here are the author's alone, not those of the banks or credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the banks or credit card issuer(s). Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult with the issuing bank of the card or account for terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are accurate as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.