Bankruptcy
What is it? Is a legal avenue debtors use to be legally released from their debts. When a person can no longer pay his obligations, he may opt to file for personal or business bankruptcy. There are several chapters of bankruptcy but the most commonly used Chapter 7 (total liquidation of assets), Chapter 11 (Business reorganization), Chapter 12 (Farm debt) and Chapter 13 (Repayment Plan).Added By: Destiny
The Bankruptcy definition has been viewed 107 Time(s)!
Send To Friends!
If you'd like to send the Bankruptcy definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Bankruptcy. If you need any more information on this term, please don't hesitate to contact us.