Also found in: Dictionary, Thesaurus, Legal, Financial, Acronyms, Encyclopedia, Wikipedia.
Related to bankruptcy: Chapter 13


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 ?
Its main focus is on personal bankruptcy, but commercial bankruptcy issues are also addressed.
Mesaba Airlines will ask a bankruptcy judge on Monday to toss its labor contracts, according to the Associated Press.
Section 541(c)(1) of the Bankruptcy Code broadly provides a bankruptcy estate includes "all legal or equitable interests of the debtor in property" as of the commencement of the bankruptcy estate "except as provided in subsections (b) and (c)(2) of this section.
Frequently though, a bankrupt tenant, who was in possession of the property and possibly still operating a business, was able to get repeated extensions from the bankruptcy court, often up to 18 months or longer.
According to the CCH Bankruptcy Reform Act Briefing, the means test is designed to "force those debtors who have the ability to pay some of their debts into Chapter 13 as opposed to liquidating under Chapter 7 and wiping the slate clean.
PUBLIC ACCESS AIDS THE ADMINISTRATION of bankruptcy cases, promotes public trust and accountability in the system and encourages legal compliance.
The recent passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 is the culmination of more than a decade of bankruptcy reform debate in Congress.
With no financial relief in sight, Shaffer did what a growing number of ill-stricken families have done: file for bankruptcy.
Bankruptcy is intended to prevent a feeding frenzy by creditors, maximize value of bankrupt debtors' limited assets and ensure that creditors' claims are paid in an orderly and fair manner.
But Decker isn't surprised to hear that she's part of the fastest-growing segment of the population seeking bankruptcy protection.
IMAGINE THE GOOD FORTUNE TO BE AN author whose history of bankruptcy in America is published just as Enron collapses, the credit card industry clamors to get tough on the customers it addicted to plastic money at 26 percent interest, and while the garbage that passed for accounting at Waste Management still fouls the air.