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Bankruptcy:
Bankruptcy, the status of a debtor who has been declared by judicial process to be unable to pay his debts. Although sometimes used indiscriminately to mean insolvency, the terms have distinct legal significance. Insolvency, as used in most legal systems, indicates the inability to meet debts.
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Bankruptcy is a legal term for when a person or
business cannot repay their outstanding debts. The
bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf ...
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Bankruptcy Code, which permits reorganization under the
bankruptcy laws of the United States.Chapter 11
bankruptcy is available to every
business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities.
Small businesses can fail for a variety of reasons, and many of these failing businesses find themselves faced with deciding if they should file for
bankruptcy protection.
Bankruptcy is a process you go through in federal court and is designed to help your
business eliminate or repay its debt under the guidance and protection of the
bankruptcy court.
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business. The first is an out-of-court workout, which, if successful, would allow the
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small business stock acquired after the date of the enactment of this paragraph in a corporation which is a qualified
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BANKRUPTCY. Things You Should Know About...
Bankruptcy can affect both individuals and companies. As a consumer, you may attempt to get your money back or make a warranty claim for a product or service you were not satisfied with, only to find that the seller has gone bankrupt.
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