1.Click anywhere in the box below & press Control A to select all.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 to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as “liquidations” or “reorganizations.”
http://bankruptcy.findlaw.com/bankruptcy/
More news tomorrow.
Hopefully, this helped you figure out what is bankruptcy.
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2 Comments
There was a report on Radio 4 about bankruptcy, debt and mental health and they claim that not only are people with mental health issues more likely to be in debt and be declared bankrupt. But debt itself is a cause of mental health problems.
Hello,
The roots of the word bankruptcy can be linked back to the Italian Renaissance period. Back then if a merchant was unable to pay back his debts, his creditors would get together and destroy his trading bench. This was called banca Rotta and fro Banca Rotta, we get Bankruptcy.
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