bankruptcy petition



Application by a debtor (or his or her creditors) to a court to declare the debtor bankrupt. On courts approval, the debtor's assets are sold off (liquidated) and the proceeds are equitably distributed among the creditors.

Use bankruptcy petition in a sentence

Related Videos

Have a question about bankruptcy petition? Ask for help in the
Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z