what is BankRuptcy?

[asnetworksltd]

Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed or initiate a restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the insolvent individual or organization).

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[pwscs]

nice information

[Markclint]

Bankruptcy is the process where a person legally declares himself or his business unable to pay outstanding debts. Depending upon the type of bankruptcy filed, one meets with a judge to determine a payment schedule, or have a bankruptcy attorneys (http://www.debtfreeohio.com) discharge most if not all debts.

[Charles76]

Bankruptcy is a legal procedure for liquidating a business or property owned by an individuals which cannot fully pay it’s debt out of it’s current assets. Bankruptcy can be brought upon itself by an insolvent debtor called voluntary bankruptcy or it can be forces on court orders issued on creditor’s petition called invonluntary bankruptcy.In order to solve this we needs a bankruptcy attorney (http://www.bankruptcyattorneyincincinnati.com) that willing to give us an advice on what process we are going to do.. .

[anna575]

Thanks for your nice comments. Bankruptcy is a great way of dealing with debts you cannot pay.You can find the benefits of bankruptcy in this information. I am also interested in it.:)

[movemoveny]

Bankruptcy is a process in which consumers and businesses can eliminate or repay some or all of their debts under the protection of the federal bankruptcy court. For the most part, bankruptcies can be divided into two types -- liquidation and reorganization.

[John123]

Those people who are unable to pay the loan to the bank and other financial institution.Those are call bankrupt.

[shannon]

Bankruptcy is a legal action for debt relief for individuals or companies who can not pay their debts. Anyone can go bankrupt, including members of a society, even if the bankruptcy should always be an option of last resort, because it stays on your credit report in a negative way for many years after.

[banksmaster]

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[shumwayvan1]

Hi Everyone!,

My name is Chad, a newbie here. I've got interested on bankruptcy. At first I thought that filing bankruptcy was embarrassing, but i realize that it is helpful in paying a debt in legal manner.

I know that a lot of you guys have more ideas and info to share.

Thanks,
Chad