Bankruptcy

Bankruptcy | Purpose | Proceedings | Chapter 7  | Chapter 11 | Chapter 12  | Chapter 13  | Abuse and Fraud

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Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested or initiated by the bankrupt individual or organization, or it can be requested by creditors in an effort to recoup a portion of what they are owed. However, in the overwhelming majority of cases, the bankruptcy is initiated by the "bankrupt" individual or organization.