bankruptcy

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bankruptcy,

n the legal process by which a person, business, or corporation is declared to be insolvent and unable to pay creditors.
References in periodicals archive ?
Bankruptcies by the two carriers would likely reduce their costs and increase competition in the industry.
Bankruptcy statistics compiled for the first three quarters of 1998 indicated that last year was on its way to setting another record for the number of bankruptcies filed.
Karasik said his firm is seeing more Chapter 11 as well as other bankruptcies.
All these bankruptcies cost banks and other lenders an estimated $10 billion last year, a cost they passed on to their other customers in the form of higher interest rates.
Among them are the SOP's applicability to entities emerging from chapter 11 that fail to meet fresh-start reporting criteria as well as to prepackaged bankruptcies.
Six states led the nation with more than 6,000 total consumer bankruptcies filed in the first quarter including: Georgia (7869); Texas (7,245); Michigan (6393); Ohio (6140); Tennessee (6074) and California (6003).
Also, under the new act, attorneys filing Chapter 7 bankruptcies will be held accountable for the accuracy of the consumer's information.
In particular, the Company's ability to access the markets for securitized receivables, its ability to manage credit risk related to consumer debt and the actual rate of bankruptcies experienced may cause the Company's actual results to differ from the forward looking statements.
The new law also has the potential to affect businesses contemplating bankruptcies adversely by creating much shorter and stringent deadlines when they try to "reorganize.
He and his group have been the lead bankers for Official Committees in the Pacific Gas & Electric, Adelphia, Kmart, United Airlines and Orange County restructurings, five of the largest bankruptcies in history.
Fitch projects personal bankruptcies in 2005 to come in flat to slightly below (1% - 2%) last year's result.
First, it repeals the arbitrary $4 million debt cap on single asset real estate bankruptcies and makes all properties subject to an automatic stay from creditors for 90 days, with extensions for cause.