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.