 | bankrupcy
The Website bankrupcy bankrupcy
or Bankruptcy bankrupcy or Bankruptcy is a legally declared inability or impairment
of ability of an individual or organization to pay their creditors. A declared
state of bankrupcy can be requested or initiated by the bankrupt individual or
organisation, or it can be requested by creditors in an effort to recoup a portion
of what they are owed. The primary purpose of the laws of bankrupcy are: (1) to
give an honest debtor a "fresh start" in life by relieving the debtor
of most debts, and (2) to repay creditors in an orderly manner to the extent that
the debtor has property available for payment. bankrupcy allows the debtor to
resolve his debts through the division of his assets among his creditors. Additionally
the declaration of bankrupcy allows debtors to be discharged of most of the financial
obligations, after their assets are distributed, even if their debts have not
been paid in full. During the pendency of a bankrupcy proceeding, the "Debtor"
is protected from extra-Bankruptcy action by creditors by a legally imposed "stay."
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