Difference between revisions of "Bankrupt"
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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]] | + | '''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]]. |
[[Category:Economics]] | [[Category:Economics]] | ||
Revision as of 13:13, March 9, 2008
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.