n. a federal system of statutes and courts which permits persons ...

A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code).

Inability to pay debts. In bankruptcy of a publicly owned entity, the ownership of the firm's assets is transferred from the stockholders to the bondholders.

In bankruptcy, consumers or businesses seek legal assistance when bills cannot be paid. There are different types of bankruptcies. In Chapter 7 bankruptcy, debts for an individual or household are discharged. In Chapter 13 bankruptcy, debts of an individual or household are restructured and repaid over three to five years, under bankruptcy court su [..]

A proceeding in federal court whereby a person who is unable to pay his debts in full may be discharged from the legal obligation to do so.  Three types apply to consumers:

1700, from bankrupt, "probably on the analogy of insolvency, but with -t erroneously retained in spelling, instead of being merged in the suffix ...." [OED]. Figurative use from 1761.

/ˈbæŋkˌrʌptsi/ noun plural bankruptcies bankruptcy /ˈbæŋkˌrʌptsi/ noun plural bankruptcies Learner's definition of BANKRUPTCY 1  a  [noncount] : the condition of being bankrupt : a condition [..]

A proceeding in a federal court in which a borrower who owes more than his or her assets, can relieve the debts by transferring his or her assets to a trustee. Different chapters or types of bankruptcy exist. If a person files bankruptcy, a record of the filing appears on the borrower's credit report for up to 10 years.

Court proceedings at which an individual or a company is declared unable to pay its creditors. The purpose is to remove the pressure of creditors so a fresh start can be made and to ensure that any assets are distributed fairly amongst creditors. Individuals or companies can ask to be declared bankrupt or their creditors can take them to court.

Bankruptcy means being insolvent, or unable to pay your debts. In that case, you can file a bankruptcy petition to seek a legal resolution. Chapter 7 bankruptcy, which allows you to discharge your unsecured debts but may result in your losing your home, car, or other secured debt, is available only to those whose earn less than the median for their [..]

A legal declaration that the liabilities of a proprietor (individual), partnership, or corporation are greater than assets. In other words, a consumer or business that is unable to pay the bills can g [..]

A federal legal process for debtors seeking to eliminate or repay their debts. There are two types of bankruptcies for consumers: Chapter 7, which allows debtors to wipe out many debts in exchange for [..]

a state of complete lack of some abstract property; "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy" [..]

The legal process that a person or firm goes through if unable to pay their debts. The process seeks an orderly sharing of losses by creditors and a chance to start fresh for the debtor. No such proce [..]

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.

By filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of debts and liabilities. Bankruptcies are of various types, but the most common for an individual seem to be a "Chapter 7 No Asset" bankruptcy which relieves the borrower of most types of debts. A borrower cannot usually qual [..]

Definition A proceeding in a federal court in which an insolvent debtor's assets are liquidated and the debtor is relieved of further liability. Chapter 7 of the Bankruptcy Reform Act deals with [..]

A standard bankruptcy liquidates a business or individual. Then, subject to specific exemptions, assets of the bankrupt are collected and paid to creditors.

The state of being unable to pay one's debts. To formally declare bankruptcy is to seek relief from creditors through a court action. An individual, government, business, or other organization ca [..]

refers to when a person or more often a business can no longer turn a profit and basically has no capital (money) flowing to pay suppliers or run the company. They have no cash left. This usually coin [..]

pl: -cies 1 : the quality or state of a bankrupt [filed for ] 2 : the administration of an insolvent debtor's property by the court for the benefit of the debtor's creditors [the debt was di [..]

When a person is declared bankrupt, he is found to be legally insolvent and his property is distributed among his creditors or otherwise administered to satisfy the interests of his creditors. Federal student loans, however, cannot normally be discharged through bankruptcy.

A legal status requested by a company when it is no longer able to pay its debts. There are several forms of bankruptcy, ranging from a short moratorium on payments until the bankrupt firm can reorganize its finances, to selling off all the assets, and using the proceeds to pay off as many creditors as possible.

Proceedings under federal statutes to relieve a debtor who is unable or unwilling to pay its debts. After addressing certain priorities and exemptions, the bankrupt entity's property and other assets are distributed by the court to creditors as full satisfaction for the debt.

Legal process, governed by federal statute, whereby the DEBTS of an insolvent person are liquidated after being satisfied to the greatest extent possible by the DEBTOR'S ASSETS. During bankruptcy [..]

Proclamation by a court of an individual's (or organization's) state of insolvency, or inability, to pay debts. Petition may be brought by an individual or his creditors, with a goal of orde [..]

a state of being in so much debt that you are legally declared unable to pay in full the people and companies you owe. When you legally declare yourself bankrupt in some states, you must s [..]

A legal proceeding involving a person or business that’s unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor (most common) or on behalf of creditors (less common). All of the debtor’s assets are measured and evaluated, whereupon the assets are used to repay a portion of outstanding debt. Upon the com [..]

 The legal proceedings by which the affairs of a bankrupt person are turned over to a trustee or receiver for administration under the bankruptcy laws. There are two types of bankruptcy: 

A legal process in which the assets of a borrower who cannot repay its debts - which can be an individual, a company or a bank - are valued, and possibly sold off (liquidated), in order to repay debts [..]

A legally declared inability to repay creditors filed in Federal Court that will adversely affect your credit rating for up to 10 years. There are different types of bankruptcy depending on the amount and type of debt involved.

A person who is declared bankrupt (either at his/her own request, or at the request of his/her creditors) is unable to pay his/her debts when they are due.

A legal declaration of inability to pay and subsequent reorganization or discharge of existing debt. Learn more...

Circumstances wherein a firm or individual or other entity is not in a position to repay its debts. In such case the bondholders gain the ownership of assets from the stockholders.

When someone is declared bankrupt, it means officially that they are unable to pay their debts and what assets they do have are seized in order to try and repay their creditors.

A process for individuals to be legally declared as being unable to meet their debt obligations.

A process where an individual is legally declared bankrupt and their assets and financial affairs are administered by an appointed trustee.

The state of an individual or corporation that is found by a court to be insolvent, i.e., to have insufficient assets to meet its debts and liabilities.

To legally declare yourself unable to repay your debts. A bankruptcy remains on a person’s credit history for up to seven years. Depending on the type of bankruptcy, it could stay on a person’s credit [..]

A legal procedure in which a court determines which debts must be paid and which debts are eliminated. While the bankrupt individual no longer has debt, he/she is unlikely to get new credit soon. Bank [..]

A person who is declared bankrupt (either at his/her own request, or at the request of his/her creditors) is unable to pay his/her debts when they are due.  Their estate is placed in the hands of a receiver or trustee who will distribute the estate according to the provisions of the Bankruptcy Act.  It should be noted that bankruptcy applies to an [..]

Legally insolvent; not capable of paying bills

A legal process for declaring that a person is unable to pay their debts. The process may involve a court-supervised process of selling the bankrupt person's belongings to pay part of the debts o [..]

It is a leagally declared inability of an individual or organization to pay their creditors. Bankruptcy is filed in a Federal Court. Bankruptcies are of various types. The most common one however, is [..]

is a legal process under which a borrower protects and/or liquidates assets in order to repay debts.

Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors.The philosop [..]

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.

State of insolvency or an organization--in other words, an inability to pay debts. There are two kinds of legal bankruptcy under the U.S. law: involuntary, when one or more creditors petition to have a debtor judged insolvent by a court; and voluntary, when the debtor brings the petition. In both cases, the objective is an orderly and equitable set [..]

A legal process of taking over someone's financial affairs when they are declared unable to repay their debts

A legal status, which can be initiated by a creditor or person concerned, whereby the bankrupt's property is vested in a trustee and, with the exception of certain personal and professional prope [..]

If you can’t pay your debts, you can declare yourself bankrupt – but you will lose control of your assets and income for a set period of time. The period of time is known as ‘bankruptcy’.

A proceeding that legally releases you, the borrower, from repaying a portion or all debts owed. Bankruptcy can stay on your credit report for up to 10 years and should only be considered as a last resort if you cannot repay your debts. Typically a mortgage can be not cleared in a bankruptcy process.

(n) a state of complete lack of some abstract property(n) inability to discharge all your debts as they come due(n) a legal process intended to insure equality among the creditors of a corporation dec [..]

Proceedings under federal statutes to relieve a debtor who has been declared bankrupt from insurmountable debt. After addressing certain priorities and exemptions, the bankrupt’s property and other assets are distributed by the court to creditors as full satisfaction for the debt. See also “Chapter 11”

Statutes and judicial proceedings involving persons or businesses who cannot pay debts and seek assistance of court in getting a fresh start.

Bankruptcy refers to the cancellation (discharge) of all or part of a borrower’s debts. It allows borrowers who can no longer pay their debts to get a clean slate. It may involve liquidating the borro [..]

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 bein [..]

The state of being insolvent or unable to pay outstanding debt. Declaring bankruptcy is expensive, and it can have adverse effects on one's credit in the future. These are some common ways to app [..]

Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankr [..]

A situation which occurs when you can not pay your bills. Handled in the United States Bankruptcy Court. Bequeath

n. quiebra, bancarrota, insolvencia

Bankruptcy is the financial situation of a person who is unable to pay their debts and is judged to be legally insolvent. Under a bankruptcy, a person's remaining property is distributed among their creditors.

A judicial action which allows the settlement of a person's or organization's financial liabilities based entirely or partially on an inability to meet financial obligations.

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

A process for individuals to be legally declared as being unable to meet their debt obligations.

The state of legal insolvency with assets taken over by judicial process so that they may be distributed among creditors.

A person is declared bankrupt by a Court which may happen at his own request or as a result of action taken by a creditor. A receiver will be appointed and assets be realised as effectively as possibl [..]

A condition that results when a court finds that the debts of a borrower exceed the assets, and the income is not sufficient to provide a reasonable expectation that the debts will be repaid in full in the future.

The state of legal insolvency with assets taken over by judicial process so that they may be distributed among creditors.

An event we are trying to avoid by utilizing the insurance mechanism.

Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court. Under the protection of the Federal bankruptcy court, debt [..]

Bankruptcy is the formal procedure to resolve the disputes among creditors, shareholders, and managers of a company in financial distress. Countries have ...

A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code).

Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.

The legal way for a business or person to get help when they can’t pay the money they owe. In bankruptcy court, they can get rid of debts by paying part of what they owe. There are special bankruptcy [..]

A federal court proceeding in which a debtor who is unable to continue to meet his/her financial obligations may be relieved from the payment of certain debts. This action seriously affects the borrower's credit worthiness.

Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings. bench tria [..]

n. a system of statutes and courts which permits persons and businesses which are insolvent (debtors) or (in some cases) face potential insolvency, to place his/her/its financial affairs under the con [..]

Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may be released from or “discharged” from their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over t [..]

A credit event used in all credit default swaps where the reference entity is a corporate (bankruptcy does not apply to Sovereign names).  Bankruptcy events include the reference entity being dissolved, becoming insolvent, making an arrangement for the benefit of its creditors, being wound up or having a judgment of insolvency made against it. Barr [..]

A legal process in which a person who is unable to pay outstanding debts is released from payment of all debts owed. In many cases, the court distributes the debtor's property to the creditors as [..]

Legal process, governed by federal statute, whereby the debts of an insolvent person are liquidated after being satisfied to the greatest extent possible by the debtor's assets. During bankruptcy [..]

A legal action in which a person who is not able to repay his loans satisfactorily, is declared bankrupt by a court order. The collateral or security in this case becomes liable to administration to satisfy creditors.

Legal declaration of the inability to repay debts. Federal Bankruptcy Law allows this person’s property to be administered to satisfy creditors.

A legal action taken when a credit holder cannot repay his or her debt. It modifies or eliminates the legal responsibility to repay some forms of debt. This is a serious action that can have serious c [..]

Situation where an individual is incapable of settling his/her debts.

The filing of a petition for voluntary or involuntary bankruptcy in a court of competent jurisdiction under Chapter 7 or Chapter 11 of the United States Bankruptcy Code 11 L.S.C. Subsection 101 et seq [..]

The legal proceedings by which the affairs of a bankrupt person are turned over to a trustee or receiver for administration under the bankruptcy laws. There are two types of bankruptcy: Involuntary bankruptcy: One or more creditors of an insolvent debtor file a petition having the debtor declared bankrupt. Voluntary bankruptcy: The debtor files a [..]

means the filing of a petition for voluntary or involuntary Bankruptcy in a court of competent jurisdiction under Chapter 7 or Chapter 11 of the United States Bankruptcy Code 11 U.S.C. Subsection 101 [..]

Is a legal procedure for dealing with debt problems of individuals and businesses. specifically, a court case filed under one of the chapters of title 11 of the United States Code (Bankruptcy Code) (T [..]

A legal declaration that the liabilities of a proprietor (individual), partnership, or corporation are greater than assets. In other words, a consumer or business that is unable to pay the bills can g [..]

Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankr [..]

A person is declared bankrupt, when found to be legally insolvent and the person's property is distributed among creditors or otherwise administered to satisfy the interests of creditors. Generally, federal student loans cannot be discharged through bankruptcy.

When a person is declared bankrupt, he is found to be legally insolvent and his property is distributed among his creditors or otherwise administered to satisfy the interests of his creditors. Federal [..]

A legal action in which a person who is unable to meet the financial obligations is declared bankrupt by a decree of the court under Federal Bankruptcy Law. Federal student loans, however, cannot norm [..]

An option that can be used if a person cannot pay their debts as and when they fall due, or they owe more than they own. This causes you to lose control of your assets and cannot be a company director [..]

Bankruptcy is one of the insolvency options for individuals that cannot afford to repay their debts. It results in the loss of control of the individual’s assets. Bankrupt individuals are prohibited f [..]

Bankruptcy is the process of dealing with the estate of a bankrupt. A bankrupt is an individual against whom a bankruptcy order has been made by the Court. The order signifies that the individual is u [..]

Bankruptcy is the process of dealing with the estate of a bankrupt.

Bankruptcy is used to deal with an individual who is unable to pay their debts

A legal process where a business is declared insolvent and therefore unable to settle any outstanding debts. Any remaining assets are transferred to a trustee and sold to settle debts, with any remain [..]

The process of dealing with the estate of a bankrupt (See the term Bankrupt).

Bankruptcy is a process dealing with the estate of a bankrupt. A bankrupt is an individual against whom a bankruptcy order has been made by the Court, signifying that an individual is unable to pay hi [..]

A proceeding in the U.S. District Court wherein assets of an insolvent debtor are protected and distributed in an equitable manner.

A proceeding in a federal court to relieve certain debts of a person or a business unable to pay its debts.

A bankruptcy is triggered when a company can no longer meet its short-term commitments and thus faces a liquidity crisis. Bankruptcy happens because a company does not make enough profits, and not bec [..]

A proceeding in a federal court in which a debtor who is financially unable to pay debts when due seeks relief to work out a payment schedule or erase debts.

Inability to pay debts. In bankruptcy of a publicly owned entity, the ownership of the firm's assets is transferred from the stockholders to the bondholders.

Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed b [..]

Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed b [..]

The Bankruptcy (Scotland) Act 2016 is an Act of the Scottish Parliament. It forms the key legislative provisions behind the law of bankruptcy in Scotland, with the different Parts of the Act generally [..]