A legal state, in which a firm or individual is unable to repay its debts, and...

The state of being actually or legally bankrupt.

When a person is unable to pay their debts, a court may order that their financial affairs be managed by a trustee to call in all assets and pay debts from available funds. Also referred to as insolvency.• Bankruptcy• Civil Courts• Debts - for Creditors• Debts - for Debtors

The process of petitioning a court to discharge one’s debts. There are two types of personal bankruptcy: Chapter 7 (liquidation of assets) and Chapter 13 (debt repayment plan).

The process by which a debtor, through a trustee under court supervision, may clear their debts by paying creditors an approved portion of what is owed. A bankrupt is prohibited from certain activities, including being a member of parliament, a Councillor or a company director.

When an individual cannot pay their debts they are served a bankruptcy order by a court.

A state in which a firm (or an individual) is unable to meet its financial obligations and hence its assets are surrendered to a court for administration.

A proceeding in a federal court in which a debtor, who owes more than his or her assets, can discharge personal liability for his or her debts. This affects the borrower's personal liability for a mortgage debt but not the lien of the mortgage.

A legal proceeding in which an insolvent person (i.e., someone who cannot pay debts) may be relieved of financial obligations, but loses control over bank accounts and future financial options. Bankruptcy is a last resort for those with debt problems, and although some debts may be discharged, bankruptcy affects a person's credit rating and financial opportunities for many years. Student loans, including alternative student loans, cannot be disharged through bankruptcy.

A legal proceeding in federal court used by persons or businesses to seek relief from creditors. Chapter 7 bankruptcies allow individuals and businesses to seek a total liquidation of their property in return for the majority of their debts being wiped out. Chapter 13 bankruptcies can only be filed by individuals. This type of bankruptcy allows the individuals to keep their personal belongings in return for making payments to creditors over a series of years, often repaying only a portion of the debt owed. Chapter 11 bankruptcies are for businesses and individuals with a high amount of debts and is similar to Chapter 13 bankruptcies in that payments are made to creditors overtime. Family farmers usually seek protection under Chapter 12 bankruptcies which are specific to farmers.

A player is bankrupt when he cannot raise the money necessary to buy a train for one of his companies. A player may not declare voluntary bankruptcy but he may engineer it.

Re-organization under "Chapter 11."

If someone cannot pay their debts when they are due to be paid, a court may issue a bankruptcy order against them. This order takes ownership of the debtor's property away from the debtor and allows much of the property to be sold. The money raised is divided between the creditors following strict rules.

A legal proceeding wherein a person or business unable to pay its debts may petition the court to obtain relief from payment of certain obligations. Once in bankruptcy, the parties' assets are sold to pay former creditors but then none of those creditors may sue for the remainder of the debt.

Inability to pay debts. A legally bankrupt company must transfer control of any remaining assets to a Trustee in bankruptcy.

an enterprise in which it is unable to pay creditors. The assets of the enterprise are administered by a government licensed person or company authorized to receive and manage all the property of the bankrupt company. Page 65

A legal declaration made by someone (either voluntary or not) that he or she is legally insolvent.

A court proceeding to relieve a person or business of the payment of all debt, due to a financial breakdown which has caused them to become financially insolvent. There are several types of bankruptcies

When a person or business is unable to pay their debts and seeks protection of the state against creditors. Bankruptcies remain on credit records for up to ten years and can prevent a person from being able to get a loan.

Is a state of insolvency where the liabilities of a company or individual exceed the assets and the company or individual does not have sufficient cash flow to make payment to creditors.

The official filing for protection against creditors due to the inability to pay all of one's debts as they come due. [Go to source

A federal law consisting of different chapters (i.e. chapter 7, chapter 11 or chapter 13) that allows individuals and businesses that are experiencing extreme financial duress and are unable to meet their financial obligations to eliminate or restructure their debts.

Another term for insolvency.

The term bankruptcy refers to procedures for the liquidation of the assets of individuals or companies unable to repay their debts. The assets are impartially distributed among creditors under the Bankruptcy Law, enacted in 1922. Borrowers in financial trouble usually file for bankruptcy on their own behalf, though creditors are also able to apply for defaulting borrowers to be declared bankrupt in order to protect debtors' assets. Under the laws governing bankruptcy, assets collected from individuals or companies are distributed among the lenders based on the priority of their claims. From 40,000 to 50,000 individuals a year filed for bankruptcy until 1995, when the number began to rise due to deteriorating economic conditions. A total of 139,000 individuals filed for bankruptcy protection in 2000, a 13% rise year on year. To cope with the surge in bankruptcies, special procedures were put in place in April 2001 to allow individuals to avoid being declared bankrupt if they repay part of their debt.

This is what a company files in their local court in order to protect themselves against creditors or show that they have no money to pay their bills.

A bankruptcy is a legal mechanism, the purpose of which is to modify or eliminate a person's obligation to repay certain kinds of debt in order to permit the person to get a "clean start" economically. Bankruptcy is a serious step for a borrower because it can severely limit access to credit for years to come.

A declaration by the Federal Court to place all of an individual's assets and liabilities with an official receiver to liquidate and distribute to creditors, according to prescribed legal guidelines. Bankruptcy can be declared if an individual's liabilities exceed his or her assets and/or accounts can not be paid. It should be noted that bankruptcy applies to an individual; the equivalent status for a corporation is receivership or liquidation.

Anyone can go bankrupt, including individual members of a partnership. There are different procedures for dealing with companies and for partnerships themselves. When a bankruptcy order has been made you must: provide the Official Receiver with a full list of your assets and details of what you owe and to whom; look after and then hand over your assets to the Official Receiver together with all your books, records, bank statements, insurance policies and other papers relating to your property and financial affairs tell your trustee about assets and increases in income you obtain during your bankruptcy. (Note: you are legally obliged to inform your trustee of any property which becomes yours during the bankruptcy. Such property includes lump sum cash payments that you may receive, for example redundancy payments or money left in a will); stop using your bank, building society, credit card and similar accounts straightaway not obtain credit of £250 or more from any person without first disclosing the fact that you are bankrupt. not make payments direct to your creditors. You may also have to go to court and explain why you are in debt. If you do not co-operate, you could be arrested.

A legal proceeding ordering the distribution of an insolvent person's property among creditors, thus relieving this individual of all liability to these creditors, even though this payment may be less than the full obligation to them.

Having been legally declared financially insolvent. There are two types of bankruptcy - liquidation, in which your debts are cleared (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts.

Federal law that allows individuals, married couples, and businesses to eliminate or restructure their debts when they have financial difficulties.

The financial inability to pay one's debts when due. A proceeding in which the debtor surrenders his assets to the bankruptcy court thereby relieving him from insurmountable debt.

The legal condition of an insolvent person who has sought and obtained relief under the bankruptcy laws. The remedy sought under these laws is the elimination or reorganization of the debtor's obligation to pay existing debts. Under P.L. 105-244, educational loans funded whole or in part by a governmental unit are non dischargeable, regardless of how long they have been in repayment, unless the debtor demonstrates undue hardship. Close

A legal proceeding which allows a debtor to discharge certain debts or obligations or allows the debtor time to reorganize his/her financial affairs so he/she can fully pay the debt. Bankruptcy does not discharge obligations secured by an assessment lien.

Legal proceeding to absolve or restructure outstanding debts

A condition in which a debtor cannot meet his debt obligations and his assets are liquidated.

An action taken by a debtor to legally protect its remaining assets by declaring that it cannot pay its bills. Typically, the debtor's liabilities exceed its assets.

A legal process that allows a debtor to discharge certain debts without paying the total amount due. A bankruptcy does not his or her obligations secured by a deed of trust.

A person's legal declaration that he or she is legally insolvent. There are two types of bankruptcy: Involuntary Bankruptcy, where creditors or lenders file a petition against the debtor (person in debt), and Voluntary Bankruptcy, where the debtor files a petition claiming inability to meet creditors' requirements. A court decides whether or not a debtor can declare bankruptcy.

When an individual or business is unable to pay back creditors. The individual or business files bankruptcy with the courts, surrenders all assets to the court and is no longer obligated to repay any unsecured debts.

the statutory procedure, usually triggered by insolvency, by which a person is relieved of most debts and undergoes a judicially supervised reorganization or liquidation for the benefit of that person's creditors.

The financial state of being unable to pay debts. Federal bankruptcy laws provide for either the reorganization or liquidation of corporate business and assets to pay some creditors.

A legal procedure that writes off all debts (with a few exceptions). You or one of your creditors can petition for bankruptcy. The debt is usually discharged after two to three years. However, if there is any equity in a bankrupt's home or other assets, they will usually be sold to repay debts.

A legally declared inability to repay debts. The United States Code differentiates between 4 different types of bankruptcy: Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

the filing by a Petition for Bankruptcy, or the filing against a debtor by his or her creditors of a Petition for Bankruptcy in an U.S. Bankruptcy Court.

Debts are discharged because that person is not able to repay debts. Assets may be liquidated to pay creditors, depending on the type of bankruptcy filed. Both types of bankruptcy may remove unsecured debts and stop foreclosures, repossessions, garnishments, utility shut-offs and debt collection activities. Both types provide exemptions that vary by state and allow people to keep certain assets. Generally considered the option of last resort, a bankruptcy stays on an individual's credit report for 10 years. Chapter 13 Bankruptcy - The court approves a repayment plan that allows the individual to pay off a default during a three-to-five year period, rather than surrender any property. Chapter 7 Bankruptcy- Liquidation of all assets that are not exempt. Exempt property may include automobiles, work-related tools, and basic household furnishings. Some of the property may be sold by a court-appointed official -a trustee-or turned over to creditors. Debts can be discharged through Chapter 7 only once every six years. Also known as straight bankruptcy.

A legal proceeding that relieves the responsibility of paying debts or provides protection while attempting to repay debts. There are two types of bankruptcies — liquidation, in which debts are wiped out, and reorganization, in which the court is provided with a plan for how the debts will be repaid. For both consumers and business, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11. Reorganization bankruptcy for family farmers is called Chapter 12.

A proceeding in U.S. Bankruptcy Court that may legally release a person from repaying debts owed. Credit reports normally include bankruptcies for up to 10 years.

An order made under the Insolvency Act 1986 against an individual debtor (not a limited company) which signifies that he is unable to pay his debts. As a result of bankruptcy, bankrupts cannot trade or act as a company director.

The financial inability of a member to pay their debts. The member surrenders their assets to the bankruptcy court. Typically a Chapter 7 (all debts wiped out) or Chapter 13 (establishes a payment plan to payoff the debts). A bankruptcy remains on the members credit report for 7 years.

A debtor surrenders his assets to the Bankruptcy Court and is not required to repay unsecured debts under a federal law provision. Unsecured creditors may not pursue collection, and secured creditors are entitled only to the security the subject property holds for them. They may not pursue further collection.

Federal court proceedings which can result in a debtor being relieved of debts and liabilities.

Bankruptcy is one option to help someone with money problems to get a fresh financial start. When you declare bankruptcy, a Trustee deals directly with your creditors for you, and you have the opportunity to be relieved of most of the money you owe.

Code Title 11 of the United States Code governs bankruptcy proceedings. Bankruptcy is a matter of federal law and is, with the exception of exemptions, the same in every state. When federal bankruptcy law conflicts with state law, federal law controls.

A legal action in which a person is declared unable to meet financial obligations; under federal bankruptcy law this person's property can be used to satisfy creditors.

Bankruptcy is legal procedure for dealing with debts when you cannot pay.

A legally protected state that may be declared by a corporation that is unable to pay debts. There are two types of bankruptcy, one that deals with liquidation and another that deals with reorganization. Chapter 7 Bankruptcy is an option in which a bankrupt corporation is liquidated after the courts have determined that a reorganization is not worthwhile. A trustee is charged with liquidation of all assets and distribution of the proceeds to satisfy claims against the corporation in order of priority. Chapter 11 Bankruptcy is an option in which a trustee may be appointed to reorganize the bankrupt firm.

The procedure by which the debtor's assets are realised and, after payment of preferential and secured creditors, the balance (if any) is distributed, in proportion, to unsecured creditors

A legal proceeding declaring that an individual is unable to pay debts. Chapters 7 and 13 of the federal bankruptcy code govern personal bankruptcy.

Bankruptcy is the situation where a person has been legally declared to be financially insolvent.

A legal filing to protect an individual(s) who is no longer able to pay off debt to creditors. The bankrupt's property is distributed by the court to the creditors as full satisfaction of all debt. Certain exemptions can apply.

The federal court proceeding by which a debtor (individual or corporation) may obtain protection from creditors. The two general types of bankruptcy are voluntary and involuntary. A voluntary bankruptcy is initiated when the debtor voluntarily files a petition. In an involuntary bankruptcy, the creditor forces the debtor into bankruptcy. Debtors qualifying as ãfarmersä may not be involuntarily forced into bankruptcy. Bankruptcy proceedings involving farmers are declared under one of the several chapters of the federal bankruptcy code: Chapter 7 - liquidation; Chapters 11 and 12 - reorganizations; Chapter 13 - adjustment and workouts of debt.

When a person becomes incapable of making payments towa