A fresh start after bankruptcy

It is critical for our future generations to receive financial education from a young age, both at home and in school, as bankruptcy has far-reaching consequences not only for the individual but also for society and nation. — Photo: AZHAR MAHFOF/The Star

WHILE the number of bankruptcy cases in the nation have been on a decline due mainly to the Second Chance Policy initiative, the fact remains that it is still a problem that has to be managed before the implications get more serious.

Although the overall numbers have shown a downtrend since the pandemic began in 2020, more cases may be reported this year. In the first half of 2024 alone, there were some 2,800 cases, which is more than half of last year’s total.