Difference between revisions of "Bankruptcy"
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| − | '''Bankruptcy''' refers to | + | '''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. |
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| + | 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. | ||
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| + | 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). | ||
== Types of bankruptcies== | == Types of bankruptcies== | ||
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== See also == | == See also == | ||
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* [[341 meeting]] | * [[341 meeting]] | ||
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[[Category:Legal Terms]] | [[Category:Legal Terms]] | ||
[[Category:Bankruptcy Law]] | [[Category:Bankruptcy Law]] | ||
[[Category:Economics]] | [[Category:Economics]] | ||
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Revision as of 18:10, March 2, 2018
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.
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 United States Bankruptcy Code and are overseen by a bankruptcy court (which is equivalent to a District Court but handles only bankruptcy hearings).