Rates Current as of Wednesday February 08, 2012

Bankruptcy

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 petition claiming inability to meet financial obligations and willingness to be declared bankrupt.

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