BANKRUPTCY
Encyclopedia of Everyday Law, October, 2005
CONSUMER ISSUES BANKRUPTCY
Sections within this essay:
Background History Types of Bankruptcies Jurisdiction and Procedure Exemptions from the Bankruptcy Estate Additional Resources Background
B ANKRUPTCY is a procedure, authorized under federal law, that relieves an individual or corporation of debts. With bankruptcy, debtors rarely escape completely from liability for their debts; instead, they partially or completely repay creditors under an arrangement that is court approved and authorized and in exchange, any remaining debt is forgiven.
Once considered shameful, bankruptcy still is a method of last resort for relieving financial obligations, but in recent decades bankruptcy in the United States has become more common and more acceptable....
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