Difference between revisions of "Bankruptcy"
Jump to navigation
Jump to search
m (Added hyperlinks) |
|||
| Line 1: | Line 1: | ||
| − | '''Bankruptcy''' refers to statutes and judicial proceedings involving persons or businesses that cannot pay their | + | '''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 also == | == See also == | ||
| − | |||
*[[Bankruptcy code]] | *[[Bankruptcy code]] | ||
*[[Chapter 7]] | *[[Chapter 7]] | ||
Revision as of 06:55, April 15, 2014
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.