Bankruptcy is the legal lifeline for individuals drowning in the ocean of debt. Businesses and consumers petition courts to relieve them from financial liabilities. In most cases, the petition gets granted. Definition of bankruptcy Bankruptcy happens to be a court proceeding wherein the court trustee and a judge analyze the liabilities and assets of people, businesses and partnerships whose financial liabilities have turned to be extremely overwhelming they never believe that they could ever pay it back. The court has been bestowed with the power to decide if to eliminate the financial liabilities, meaning individuals who owe, will no longer be required (legally) to repay. The court has the power to also lay off the case if it believes that the business or individual has sufficient assets to repay their financial liabilities. Bankruptcy laws have been written to ensure that people have an opportunity to start fresh when their financial condition has collapsed already. Whether ...
