What is Bankruptcy ?

[spykerom]

Hello to all.
and well there is a simple answer available for the question, but the main question i am asking is that.

What to do if your investment got bankrupted, things that can help to retrieve the money and where should i get start ?

Thanks a lot for the answers.

 

[bigun]

Not a lot you can do.
The trustee assigned to the bk is running the show and is tasked with recovering money if any is to be found. If you are an unsecured creditor,you receive instructions to file a proof of claim and you'll share what's left with a number of other creditors.

 

[corawhite07]

First thing you must do is hire an bankruptcy lawyer to help you recover your invest into the bankruptcy company.

 

[quincy]

First thing you must do is hire an bankruptcy lawyer to help you recover your invest into the bankruptcy company.

spykerom is not the one filing for bankruptcy, corawhite. Apparently the company spykerom invested in is.

Depending on whether this is a Chapter 11 or a Chapter 7 bankruptcy, there may not be any investment dollars for spykerom to recover. If that is the case, a tax advisor is probably a better person for spykerom to contact (to determine if his/her losses are deductible).

 

[corawhite07]

Is that so? I thought he was asking for bankruptcy?

 

[quincy]

Is that so? I thought he was asking for bankruptcy?

I could see that you thought that.

 

[JosephPrice]

Bankruptcy is a process in which business and consumer both enable to repay debts. Bankruptcy is divided into two parts as liquidation and reorganization. There are two lows for bankruptcy chapter 7 and chapter 13. If you get bankrupted, then some tips to survive are as follows:
#Tidy up your own financial house.
#tie up loose ends of your company.
#Requirement plans are better to be protected.
#Repackege and reinvent your services.
# you have to go through a a grieving cycle.

 

[quincy]

Bankruptcy is a process in which business and consumer both enable to repay debts. Bankruptcy is divided into two parts as liquidation and reorganization. There are two lows for bankruptcy chapter 7 and chapter 13. If you get bankrupted, then some tips to survive are as follows:
#Tidy up your own financial house.
#tie up loose ends of your company.
#Requirement plans are better to be protected.
#Repackege and reinvent your services.
# you have to go through a a grieving cycle.

It would have been better, JosephPrice, if you had just looked up the definition of bankruptcy and quoted that, rather than trying to make up a definition of your own.

What you wrote about bankruptcy has much that is wrong with it. And I think you might have confused bankruptcy with death toward the end of your "tips to survive."

From Black's Law Dictionary, bankruptcy is defined as:

1. A statutory procedure by which a (usually insolvent) debtor obtains financial relief and undergoes a judicially supervised reorganization or liquidation of the debtor's assets for the benefit of creditors; a case under the Bankruptcy Code (Title 11 of the United States Code).

Involuntary bankruptcy. A bankruptcy commenced by the debtor's creditors (usually three or more), or, if the debtor is a partnership, by fewer than all the general partners. 11 USCA §303(b). Also termed involuntary proceeding.

Voluntary bankruptcy. A bankruptcy case initiated by the debtor. 11 USCA §301.

2. The field of law dealing with the rights of debtors who are financially unable to pay their debts and the rights of their creditors.

3. The status of a party who has declared bankruptcy under a bankruptcy statute.

4. Informally, the fact of being financially unable to pay one's debts and obligations as they become due; insolvency.