Bankruptcy - Revision history

Aschlafly: nice template

2023-06-17T19:59:28Z

nice template

Aschlafly: see also

2023-06-17T19:59:12Z

Quidam65 at 00:14, March 3, 2018

2018-03-03T00:14:59Z

Quidam65 at 18:22, March 2, 2018

2018-03-02T18:22:27Z

Quidam65 at 18:19, March 2, 2018

2018-03-02T18:19:36Z

Quidam65 at 18:15, March 2, 2018

2018-03-02T18:15:37Z

Quidam65 at 18:10, March 2, 2018

2018-03-02T18:10:20Z

Quidam65: /* See also */

2018-03-02T03:53:04Z

‎See also

Quidam65: new section

2018-03-02T03:52:47Z

new section

Quidam65: /* See also */

2018-03-02T03:07:29Z

‎See also

← Older revision		Revision as of 19:59, June 17, 2023
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−	{{See\|Bankruptcy Code}}	+	{{See also\|Bankruptcy Code}}
	'''Bankruptcy''', in finance and legal arenas, refers to a process whereby a person or business who is unable to pay their debts, may petition a court for relief (in whole or in part) from having to repay the debts, or to obtain more time to do so.		'''Bankruptcy''', in finance and legal arenas, refers to a process whereby a person or business who is unable to pay their debts, may petition a court for relief (in whole or in part) from having to repay the debts, or to obtain more time to do so.

← Older revision		Revision as of 19:59, June 17, 2023
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		+	{{See\|Bankruptcy Code}}
	'''Bankruptcy''', in finance and legal arenas, refers to a process whereby a person or business who is unable to pay their debts, may petition a court for relief (in whole or in part) from having to repay the debts, or to obtain more time to do so.		'''Bankruptcy''', in finance and legal arenas, refers to a process whereby a person or business who is unable to pay their debts, may petition a court for relief (in whole or in part) from having to repay the debts, or to obtain more time to do so.

@@ Line 3: / Line 3: @@
 Not all persons or businesses end up bankrupt as a result of poor financial decisions: economic downturns or technological changes may result in reduced demand for a product, or an accident or illness may leave a person with huge medical bills.
-In the United States, bankruptcy proceedings are handled under the [[Bankruptcy Code|United States Bankruptcy Code]] and are overseen by a [[United States Bankruptcy Court|bankruptcy court]] (which falls under the jurisdiction of the equivalent United States District Court, but exclusively handles bankruptcy hearings).  A filing may either be '''voluntary''' (where the debtor seeks relief; this is most common with personal bankruptcies) or '''involuntary''' (where the creditors seek to be paid at least part of what they owe; this is most common with business bankruptcies where the creditors believe that the business will never recover to pay the debts in full).
+In the United States, bankruptcy proceedings are handled under the [[Bankruptcy Code|United States Bankruptcy Code]] and are overseen by a [[United States Bankruptcy Court|bankruptcy court]] (which falls under the jurisdiction of the equivalent United States District Court, but exclusively handles bankruptcy hearings).  A filing (formally, a '''petition''') may either be '''voluntary''' (where the debtor seeks relief; this is most common with personal bankruptcies) or '''involuntary''' (where the creditors seek to be paid at least part of what they owe; this is most common with business bankruptcies where the creditors believe that the business will never recover to pay the debts in full).
-The debtor must file a listing of assets and liabilities, after which time notice is provided to creditors (and, to discourage a debtor from omitting a liability, public notice is also published) to respond to the accuracy of the filing.  After all parties have had the chance to be heard, the court makes its ruling (frequently, the parties come to an agreement which the court accepts).
+The debtor must file a listing of assets and liabilities, after which time notice is provided to creditors (and, to discourage a debtor from omitting a liability, public notice is also published) to respond to the accuracy of the filing.  After all parties have had the chance to be heard, the court makes its ruling (frequently, the parties come to an agreement which the court accepts).  In a more complex case, an administrator (or trustee) may be assigned to see the case through resolution.  In some instances, the debtor may be permitted to resolve the case without a trustee (the formal term is '''debtor in possession'''), such as when all parties agreed to the resolution even before the case was filed.
 [[Category:Legal Terms]]
 [[Category:Bankruptcy Law]]
 [[Category:Economics]]

@@ Line 3: / Line 3: @@
 Not all persons or businesses end up bankrupt as a result of poor financial decisions: economic downturns or technological changes may result in reduced demand for a product, or an accident or illness may leave a person with huge medical bills.
-In the United States, bankruptcy proceedings are handled under the [[Bankruptcy Code|United States Bankruptcy Code]] and are overseen by a [[bankruptcy court]] (which is equivalent to a District Court but handles only bankruptcy hearings).  A filing may either be '''voluntary''' (where the debtor seeks relief; this is most common with personal bankruptcies) or '''involuntary''' (where the creditors seek to be paid at least part of what they owe; this is most common with business bankruptcies where the creditors believe that the business will never recover to pay the debts in full).
+In the United States, bankruptcy proceedings are handled under the [[Bankruptcy Code|United States Bankruptcy Code]] and are overseen by a [[United States Bankruptcy Court|bankruptcy court]] (which falls under the jurisdiction of the equivalent United States District Court, but exclusively handles bankruptcy hearings).  A filing may either be '''voluntary''' (where the debtor seeks relief; this is most common with personal bankruptcies) or '''involuntary''' (where the creditors seek to be paid at least part of what they owe; this is most common with business bankruptcies where the creditors believe that the business will never recover to pay the debts in full).
 The debtor must file a listing of assets and liabilities, after which time notice is provided to creditors (and, to discourage a debtor from omitting a liability, public notice is also published) to respond to the accuracy of the filing.  After all parties have had the chance to be heard, the court makes its ruling (frequently, the parties come to an agreement which the court accepts).

@@ Line 3: / Line 3: @@
 Not all persons or businesses end up bankrupt as a result of poor financial decisions: economic downturns or technological changes may result in reduced demand for a product, or an accident or illness may leave a person with huge medical bills.
-In the United States, bankruptcy proceedings are handled under the [[Bankruptcy Code|United States Bankruptcy Code]] and are overseen by a [[bankruptcy court]] (which is equivalent to a District Court but handles only bankruptcy hearings).  A filing may either be '''voluntary''' (where the debtor seeks relief; this is most common with personal bankruptcies) or '''involuntary''' (where the creditors seek to be paid at least part of what they owe; this is most common with business bankruptcies).
+In the United States, bankruptcy proceedings are handled under the [[Bankruptcy Code|United States Bankruptcy Code]] and are overseen by a [[bankruptcy court]] (which is equivalent to a District Court but handles only bankruptcy hearings).  A filing may either be '''voluntary''' (where the debtor seeks relief; this is most common with personal bankruptcies) or '''involuntary''' (where the creditors seek to be paid at least part of what they owe; this is most common with business bankruptcies where the creditors believe that the business will never recover to pay the debts in full).
 The debtor must file a listing of assets and liabilities, after which time notice is provided to creditors (and, to discourage a debtor from omitting a liability, public notice is also published) to respond to the accuracy of the filing.  After all parties have had the chance to be heard, the court makes its ruling (frequently, the parties come to an agreement which the court accepts).
 [[Category:Legal Terms]]
 [[Category:Bankruptcy Law]]
 [[Category:Economics]]

@@ Line 1: / Line 1: @@
-'''Bankruptcy''' refers to statutes and judicial proceedings involving persons or businesses that cannot pay their [[debt]]s and seek the assistance of the court in getting a fresh start. Under the protection of the [[bankruptcy court]], debtors may be released from or "discharged" from their debts, perhaps by paying a portion of each debt. [[Bankruptcy judges]] preside over these proceedings. The person with the debts is called the debtor and the people or companies to whom the debtor owes money are called [[credit]]ors.
+'''Bankruptcy''', in finance and legal arenas, refers to a process whereby a person or business who is unable to pay their debts, may petition a court for relief (in whole or in part) from having to repay the debts, or to obtain more time to do so.
 == Types of bankruptcies==
@@ Line 9: / Line 13: @@
 == See also ==
 * [[341 meeting]]
 [[Category:Legal Terms]]
 [[Category:Bankruptcy Law]]
 [[Category:Economics]]

@@ Line 10: / Line 10: @@
 == See also ==
 * [[Bankruptcy code]]
 * [[341 meeting]]
 * [[Preparedness|Economic preparedness]]

← Older revision		Revision as of 03:52, March 2, 2018
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	'''Bankruptcy''' refers to statutes and judicial proceedings involving persons or businesses that cannot pay their [[debt]]s and seek the assistance of the court in getting a fresh start. Under the protection of the [[bankruptcy court]], debtors may be released from or "discharged" from their debts, perhaps by paying a portion of each debt. [[Bankruptcy judges]] preside over these proceedings. The person with the debts is called the debtor and the people or companies to whom the debtor owes money are called [[credit]]ors.		'''Bankruptcy''' refers to statutes and judicial proceedings involving persons or businesses that cannot pay their [[debt]]s and seek the assistance of the court in getting a fresh start. Under the protection of the [[bankruptcy court]], debtors may be released from or "discharged" from their debts, perhaps by paying a portion of each debt. [[Bankruptcy judges]] preside over these proceedings. The person with the debts is called the debtor and the people or companies to whom the debtor owes money are called [[credit]]ors.
		+
		+	== Types of bankruptcies==
		+
		+	*[[Voluntary bankruptcy]]
		+	*[[Involuntary bankruptcy]]
		+	*[[Consumer bankruptcy]]
		+	*[[Business bankruptcy]]

	== See also ==		== See also ==