Getting your Trinity Audio player ready...
Bankruptcy: State of insolvency of an individual or an organization. There are two kinds of bankruptcy: involuntary and voluntary. In both cases, the objective is an orderly and equitable settlement of obligations.
Chapter 7: A bankruptcy option in which a bankrupt firm is liquidated after the courts have determined reorganization is not worthwhile.
Chapter 11: A bankruptcy option in which a trustee is appointed to reorganize a firm.
Chapter 13: A bankruptcy option in which individuals may develop plans for full or partial repayment of their debts.
