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Bankruptcy Petition |
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Bankruptcy Petition 1. A formal request by an individual or a business to a bankruptcy court to declare bankruptcy and to discharge or restructure debts (after repayment is made insofar as possible). 2. A formal request by an individual or a business' creditors to a bankruptcy court to declare bankruptcy and to require repayment or restructuring of debts. Some businesses and individuals (such as fishermen in Canada) are exempt from this type of forced bankruptcy. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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