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True or false The act of being declared legally unable to pay one's debts is called bankruptcy?
Wiki User
∙ 12y ago
true
Wiki User
∙ 12y ago
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What does bankrupt mean in a sentence?
"Bankrupt" means that a person or organization is unable to pay their debts and is legally declared insolvent.
When is a person declared legally dad in absentia?
Unable to determine what the question is. A "legal father in absentia" is not a legal term with which I am familiar.
What is the basic meaning of bankrupt?
A trader who secretes himself, or does certain other acts tending to defraud his creditors., A trader who becomes unable to pay his debts; an insolvent trader; popularly, any person who is unable to pay his debts; an insolvent person., A person who, in accordance with the terms of a law relating to bankruptcy, has been judicially declared to be unable to meet his liabilities., Being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one's debts; as, a bankrupt merchant., Depleted of money; not having the means of meeting pecuniary liabilities; as, a bankrupt treasury., Relating to bankrupts and bankruptcy., Destitute of, or wholly wanting (something once possessed, or something one should possess)., To make bankrupt; to bring financial ruin upon; to impoverish.
What describes bankruptcy?
a legal declaration that you are unable to repay your debts
How do you prevent sale of land by a drug addict?
If it is the addict's land, or legally within his power to sell, and you are unable to have him or her declared incompetent, you can't stop it. Your best shot would be to figure out a way to get them arrested.
How can one declare corporate bankruptcy in the UK?
To be considered bankrupt, a court has to issue a bankruptcy order against you. One can apply to the court for bankruptcy if they are unable to pay their debts.
What are the two chapters a business can file bankruptcy under?
You can file bankruptcy for two possible reasons: you are unable to pay your debts or your creditors file for bankruptcy if you owe them more than 1000 dollars.
Do you know bankruptcy?
Bankruptcy means someone is legally unable to pay their debts as agreed. The procedure of verifying someone truly is bankrupt can take up to 8 months in most cases, and those who have some assets will be required to pay back some or most of their debts over a 2- to 5-year time period. There are two major types of bankruptcy definitions that apply to consumers: Chapter 7 and Chapter 13.
What is a legal proceeding for distributing to creditors the assets of those unable to pay their debts?
Bankruptcy
Why did the Woolworth management want something done?
To prevent bankruptcy which they were unable to pull off.
What is the meaning of bankrupt?
declared in law unable to pay outstanding debts.
What does the term 'corporate bankruptcy filing' mean?
Corporate Bankruptcy Filing is the name given to the process when a business becomes insolvent and unable to meet their debt commitments. This is in contrast to personal bankruptcy where an individual becomes insolvent.
