Difference between revisions of "Bankruptcy"
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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. | ||
| − | == See | + | == See also == |
* [[Bankruptcy code]] | * [[Bankruptcy code]] | ||
* [[Chapter 7]] | * [[Chapter 7]] | ||
Revision as of 03:32, July 12, 2016
Bankruptcy refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts 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 creditors.