What is bankruptcy?
According to Wikipedia…
Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors. Creditors may file a bankruptcy petition against a debtor (”involuntary bankruptcy”) in an effort to recoup a portion of what they are owed….
en.wikipedia.org/wiki/Bankruptcy
and according to Findlaw.com:
Bankruptcy is a federal court process designed [...]