bankruptcy

     

Bankruptcy is a legally eclared inability or impairment of ability of an individual or organizations to pay their creditors. Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the bankrupt individual or organization).

Trivia about bankruptcy

  • Filing under Chapter 7 of this code, you'll lose most of your nonexempt assets
  • Chapter 7 of this federal code provides for liquidation
  • Consumers use chapter 7 or 13 of this code, a federal statute; businesses restructure under chapter 11
  • Rep. Delahunt said a 2005 bill making it harder to qualify for this "was written for and by the credit card industry"
  • Chapter 12 was introduced in 1986 to the code for this & deals with the reorganization of family farms

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