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.
Yes....kind of the perfect definition
An unfavorable end is shut-down, failure, or 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.
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.
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.
If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.
1st bankruptcy = 7 years 2nd bankruptcy = 20 years 3rd bankruptcy = life
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.
no , ther not in bankruptcy
The plural of bankruptcy is bankruptcies.
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.
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.