Bankruptcy is a process for resolution of overwhelming debt.
Bankruptcy isolates the financial problem (creates the bankrupt estate) and provides the framework for the isolated financial problem to be dealt with and concluded.
The bankruptcy act may be linked to the road rules – it provides the rules for everyone to follow with the aim of providing a safe environment.
The Bankruptcy Trustee’s job is to administer the isolated financial problem (the bankrupt estate) in accordance with the requirements of the bankruptcy act to enable the overwhelming financial problem to be dealt with and concluded.
The aim of bankruptcy is to conclude the financial problem to enable all parties to get on with life.