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It is a legal process that one uses to protect themselves from creditors, while a court and trustee use their power to resolve, frequently by discharging, the obligation to creditors.

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16y ago

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Are you considered to be in active bankruptcy until it is discharged?

Yes....kind of the perfect definition


What does end stands for in the definition of economics?

An unfavorable end is shut-down, failure, or bankruptcy.


What is the definition of Chapter 11 bankruptcy?

To somewhat oversimplify: Chapter 11 is "reorganization" for Corporations or a business, & Chapter 13 is a very similar thing for people. Debts and life are paid off/down and things re-organized. Chapter 7 is flat-out, busted-broke bankruptcy - out of business, not a penny left.


What is the definition of a Chapter 11 filing?

This means that a company is on the verge of bankruptcy and if something in the company doesn't change, that there is a definite chance of going bankrupt.


What is the definition of a bankrupt person?

A bankrupt person is one who cannot pay his debts. Bankruptcy laws sometimes allow indebtedness to be legally discharged when it is unlikely to ever be repaid.


You owe your sister money can you file bankruptcy on that loan?

If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.


How long bankruptcy after discharged records stays?

1st bankruptcy = 7 years 2nd bankruptcy = 20 years 3rd bankruptcy = life


Which companies offer information on bankruptcy?

Some companies that offer information on bankruptcy include Dow Jones and Jacob Meyers Bankruptcy. You can also find information on bankruptcy on the bankruptcy Wikipedia page.


Is 7-eleven in bankruptcy?

no , ther not in bankruptcy


What is the plural of bankruptcy?

The plural of bankruptcy is bankruptcies.


If you are an additional card holder on a parent's credit card account and you file bankruptcy will the bankruptcy appear on their credit?

The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.


In order to file bankruptcy must you have a bankruptcy attorney?

If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.