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Bankruptcy |
Bankruptcy An individual can declare bankruptcy when they are unable to pay their creditors. A declared state of bankruptcy an be requested or initiated by the individual or organization or it can be requested by creditors in an effort to recoup some of what they are owed. The majority of the cases are initiated by the bankrupt individual or organization. Bankruptcy allows debtors to be discharged from the legal obligation to pay most debts by submitting their non-exempt assets, if any, to the jurisidiction of the bankruptcy court for eventual distribution among their creditors. During the pendency of a bankruptcy proceeding the debtor is protected from most non-bankruptcy legal action by creditors through a legally imposed stay. Creditors cannot pursue lawsuits, garnish wages, or attempt to compel payment. |
Bankruptcy Resources and Related Web Sites |
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