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Bankruptcy

Bankruptcy is a formal legal process that a debtor, whether it be a person or a legal entity, must go through when they are unable to pay off their debts. The debtor declares their inability to pay debts through bankruptcy. Their available assets are then liquidated, and the proceeds from the liquidated assets is distributed to the creditors which they owe. Once bankruptcy is declared, the debtor's assets are surrendered to a trustee appointed by the court. The debtor is then relieved of their debts. There are different chapters of the bankruptcy code, and depending on the specific situation a debtor may declare bankruptcy under one of the chapters, such as Chapter 7, which has to do with liquidated assets, or Chapter 13, where debt agreements are reached.

Fast Facts

  • Chapter 7 bankruptcies increased 43% from 2007 to 2008.
  • Business bankruptcies increased 54% 2007 to 2008.

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