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Bankruptcy is a state of being in debts and at the same time not being in a position to clear those debts in the specified grace period. This is never a very good position for you to find yourself in, but if it does happen as it sometimes will, then you need some form of protection that will shield you from your angry creditors who may be out to do some harm to you as they try to recover their money or assets form you.
Bankruptcy law looks into the ways in which the debtor and the creditor(s) are supposed to relate in trying to have the debt settled. As a debtor, it is crucial for you to be well versed with the facts of the law so that you know how to protect yourself when the creditors are on you. However, note that this does not mean that you should use the legislation to run away from the responsibility of re-paying your loans.

While there are many sources from which you can get details about the components of the bankruptcy law, it is essential that you go for trustworthy sources. If you feel that you are aware of the law but are not very sure of how it applies to you as a debtor or even a creditor, it would be wise to contract the services of an advocate who will be more than glad to guide you through the various sections as applicable in your case. You can also visit your local library and try to collect as much information as you can, concerning the same.