A friend of mine may go bankrupt unfortunately. He says that there is a period called financial distress which is leading up to the bankruptcy itself, and this is the period in which he finds himself now. What kind of period is that? What happens during this time? Can you tell me more?
From the actual phrase, you can guess what this is like. In fact this is the time at which you are trying all you can to keep up with repayments, and to pay your bills, but you are not sure if you will make it. Creditors recognise this period as financial distress, and this is a make or break time for those who find themselves in such situation.
