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'''Bankruptcy''' is when you have no [[money]]. You may also be considered to be bankrupt if you owe more money than you have. The federal statute that deals with bankruptcy is [[Chapter 13]]. When you are bankrupt you have to sell your possessions and your [[home]].
A person or business is considered '''bankrupt''' when they are economically insolvent. This can happen when an individual owes more than they have or can reasonably expect to have to cover their personal debts, or in a business, when the liabilities exceed the assets and it is doubtful this condition will improve.
==See also==
*[[bankruptcy]]
[[Category:Economics]]
[[Category:Economics]]
[[Category:Bankruptcy Law]]