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It happens when a person or company spends money on credit and then cannot repay the debts it owes to creditors.
The bankruptcy process begins with a petition filed by the debtor (most common) or on behalf of creditors (less common). All of the debtor's assets are measured and evaluated, whereupon the assets are used to repay a portion of outstanding debt.
What else can I help you with?
What is the correct definition of a bankrupt person?
A bankrupt is a person who cannot pay his or her debts.
Can an elderly person go bankrupt?
Certainly, an elderly person can go bankrupt; there is no age limit on bankruptcy.
Which pharmacy companies have become bankrupt?
You can get a list of bankrupt companies in the pharmaceutical industry at www.BusinessBankruptcyLists.com.
What do you do if you run out of money?
You become bankrupt.
How do you check bankrupt name list at Malaysia online?
Faridah hinting hashim
Correct definition of a person who is bankrupt?
A person who can not pay his or her debts
A person who is unable to pay his debt?
bankrupt
How do you use the word bankrupt in a sentence?
A person bankrupt money from the bank, so the polices were trying to find him.
What does bankrupt mean in a sentence?
His business went to the dogs and he was declared bankrupt. He was unable to pay his debt and was declared bankrupt. His creditors got nothing as he was declared bankrupt.
What is the meaning of morally bankrupt?
A person is morally bankrupt if his actions display a complete disregard for ethical values or principles.
Can you become a director of a company if you have filed bankrupt in the past?
Sure.
Can a bankrupt person sign a lease for business?
yes they can
