Bankruptcy
From Conservapedia
This is an old revision of this page, as edited by Quidam65 (Talk | contribs) at 18:10, March 2, 2018. It may differ significantly from current revision.
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).
