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Bankruptcy
Bankruptcy is when a person legally declares his inability to pay all his creditors. Involuntary bankruptcy occurs when creditors file a bankruptcy petition against a debtor in an effort to recoup some of what they are owed. In different countries their respective laws control the process and procedures for filing for Bankruptcy.
Bankruptcy versus insolvency: Insolvency is often incorrectly used as a synonym for bankruptcy. Insolvency by definition is when a person or business enters a state where their assets no longer exceed their liabilities.
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The copyright for this content has been relinquished by the author. The content may be used freely by anyone.
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