What is the meaning of bankrupt person?

What is the meaning of bankrupt person?

a person who upon his or her own petition or that of his or her creditors is adjudged insolvent by a court and whose property is administered for and divided among his or her creditors under a bankruptcy law. a person who is lacking in a particular thing or quality: a moral bankrupt. adjective. Law.

Can you go bankrupt as an individual?

You can apply for bankruptcy if you can’t pay back your debts. As well as applying for bankruptcy yourself, someone else you owe money to (a creditor) can ask a court to make you bankrupt, even if you don’t want them to.

What is the minimum amount to file bankruptcies?

There isn’t a minimum amount of debt you need in order to file a Chapter 7 or a Chapter 13 bankruptcy. If you owe as low as $1, you can still file for bankruptcy. There are, however, many practical reasons why you should seek other alternatives than filing bankruptcy unless your debts are too high.

What debts can be discharged?

Common examples of unsecured consumer debts include medical bills, utility bills, back rent, personal loans, some government benefit overpayments, and credit card charges. These unsecured debts are dischargeable in Chapter 7 bankruptcy.

What does the name bankrupt mean?

bank·rupt. (băngk’rŭpt’, -rəpt) n. 1. Law A person, business, or organization legally declared insolvent because of inability to pay debts. 2. A person who is totally lacking in a specified resource or quality: an intellectual bankrupt. adj. 1.

What if a bank goes bankrupt?

If a private bank goes bankrupt then it may get a Bailout(money from government to payoff it’s liabilities).This can be done to bring confidence in banking system and avoid panic.The government can lend in form of loan or buy shares if the bank and become part owner.

What does being bankrupt mean?

Bankrupt(noun) a person who, in accordance with the terms of a law relating to bankruptcy, has been judicially declared to be unable to meet his liabilities. Bankrupt(adj) being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one’s debts; as, a bankrupt merchant.

What does declared bankrupt mean?

declare bankruptcy. idiom. : to formally say in a legal document that one is bankrupt Because of high medical expenses, he declared bankruptcy.