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Bankruptcy
Bankruptcy
Bankruptcy
Bankruptcy
Bankruptcy

The following information is about Bankruptcy.

Bankruptcy Defined

The formal condition of an insolvent person being declared bankrupt under law. The legal effect is to divert most of the debtor's assets and debts to the administration of a third person, sometimes called a " trustee in bankruptcy", from which outstanding debts are paid pro rata. Bankruptcy forces the debtor into a statutory period during which his or her commercial and financial affairs are administered under the strict supervision of the trustee. Bankruptcy usually involves the removal of several special legal rights such as the right to sit on a board of directors or, for some professions that form part of the justice system, to practice, such as lawyers or judges. Commercial organizations usually add other non-legal burdens upon bankrupts such as the refusal of credit. The duration of "bankruptcy" status varies from state to state but it does have the benefit of erasing most debts even if they were not satisfied by the sale of the debtor's assets.

This definition is in context to Canadian Law. See more contextual defintions for Bankruptcy.


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Off-site Bankruptcy Links, User Submitted

The following links have been collected through user bookmark submission in the Bankruptcy category. Please note, because these resources are off-site we cannot guarantee the accuracy or quality of any information.

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If you would like to find additional social bookmark based links on the topic of we recommend the Open Tag Directory > Bankruptcy. If you would like to find related tags we recommend Tag Patterns > Bankruptcy

Off-site Bankruptcy Research Links

If you still need additional information on Bankruptcy then we suggest the following off-site resources. Please note, because these resources are off-site we cannot guarantee the accuracy or quality of any information.

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