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bankruptcy

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bankruptcy

Process by which the property of an individual or organization unable to pay debts is taken away under a court order and divided fairly among the person's creditors, after preferential payments such as taxes and wages. Proceedings may be instituted either by the debtor (voluntary bankruptcy) or by any creditor for a substantial sum (involuntary bankruptcy). Until ‘discharged’, a bankrupt is severely restricted in financial activities.

Federal law distinguishes between complete bankruptcy and protection of assets for purposes of financial reorganization. The latter is commonly referred to as Chapter 11 bankruptcy, since it is provided for under Chapter 11 of the federal bankruptcy law, which allows businesses and individuals to continue to operate while reorganizing to pay debts.
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? Mentioned in ? References in classic literature
 
The power of establishing uniform laws of bankruptcy is so intimately connected with the regulation of commerce, and will prevent so many frauds where the parties or their property may lie or be removed into different States, that the expediency of it seems not likely to be drawn into question.
Federalist Papers Authored by James Madison by Madison, James View in context
And here I am, unknown and unemployed, a helpless artist lost in London--with a sick wife and hungry children, and bankruptcy staring me in the face.
My Lady's Money by Collins, Wilkie View in context
Suddenly there came a letter saying that the firm had gone into bankruptcy, that the business had been completely wrecked, and that the Sawyer money had been swept away with everything else.
Rebecca Of Sunnybrook Farm by Wiggin, Kate Douglas View in context
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