BNET Business Dictionary
Business Definition for: Bankruptcy
- the condition of being unable to pay debts, with liabilities greater than assets. There are two types of bankruptcy: involuntary bankruptcy, where one or more creditors bring a petition against the debtor; and voluntary bankruptcy, where the debtor files a petition claiming inability to meet his or her debts.
Wiktionary Definition for: Bankruptcy
- A legally declared inability of an individual or organisation to pay their creditors. (''Read more at w:bankruptcy Wikipedia'')
Additional Resources
- Understanding Bankruptcy
- At one time, bankruptcy was regarded as shameful—something that left the doors of bankrupt businesses shuttered and forlorn, while individuals huddled penniless on the streets or in jail, unable to face their friends. Today bankruptcy doesn't carry quite that stigma. With business being covered far more broadly and intently by...
- Articles 2007-12-18
- Bankruptcy prospect looms for automakers; Bush raises stakes
- WASHINGTON -- The prospect of one or more Detroit automakers filing for bankruptcy rose Thursday as General Motors Corp. and Chrysler LLC weighed their options, and the Bush administration signaled that court-ordered cuts for creditors, suppliers and unions could be linked to a rescue. Although federal officials emphasized that no...
- News items 2009-08-07
- What a GM Bankruptcy Would Mean to You
- As goes GM, so goes the nation? While it would be a landmark event and a blow to national pride, the failure of the country's largest carmaker would not be the cataclysm you might expect. How the Economy...
- Articles 2009-05-05
- CIT Group Files For Bankruptcy
- By Dan Wilchins and Elinor ComlayNEW YORK (Reuters UK) - CIT Group CIT, a lender to hundreds of thousands of small and medium-sized businesses, filed for bankruptcy on Sunday, as the global financial crisis left it unable to fund itself and the recession clobbered its loans.The bankruptcy, one of the...
- News items 2009-11-01
- Filing Bankruptcy To Avoid Foreclosure
- At the moment, bankruptcy judges don't have the power to cram down a primary home loan to a level where a borrower can make the payments. But that isn't stopping homeowners from filing for bankruptcy to avoid foreclosure. According to Consumer Credit Counseling Services of...
- Blog posts 2009-08-04
- Capmark Financial Files For Bankruptcy
- By Caroline HumerNEW YORK (Reuters) - Commercial real estate company Capmark Financial filed for bankruptcy protection on Sunday, wiping out the investment of several private equity firms including Kohlberg Kravis Roberts & Co.Capmark, which was created in March of 2006 through a leveraged buyout of the commercial real estate assets...
- News items 2009-10-25
- Capmark Financial Files For Bankruptcy
- By Caroline HumerNEW YORK (Reuters) - Commercial real estate company Capmark Financial filed for bankruptcy protection on Sunday, wiping out the investment of several private equity firms including Kohlberg Kravis Roberts & Co [KKR.UL.Capmark, which was created in March of 2006 through a leveraged buyout of the commercial real estate...
- News items 2009-10-25
- CIT Moves Closer to Pre-packaged Bankruptcy Approval
- By Elinor Comlay and Walden SiewNEW YORK (Reuters) - CIT Group CIT has met at least one of the hurdles necessary to file for a prepackaged bankruptcy, sources said, bringing the commercial lender one step closer to the fast bankruptcy process it is seeking to lower its liabilities and get...
- News items 2009-10-30
- CIT Moves Closer to Pre-packaged Bankruptcy Approval
- By Elinor Comlay and Walden Siew NEW YORK (Reuters) - CIT Group CIT has met at least one of the hurdles necessary to file for a prepackaged bankruptcy, sources said, bringing the commercial lender one step closer to the fast bankruptcy process it is seeking to lower its liabilities and...
- News items 2009-10-31
- White House: Managed bankruptcy an option
- WASHINGTON ? For the first time, the Bush administration said today that arranging bankruptcy was one of the options it was considering as part of direct aid to General Motors Corp. and Chrysler LLC. The statement came as GM unequivocally denied a published report that merger talks with Chrysler and...
- News items 2009-08-07
- Bankruptcy?: Bankruptcy Myths
- Bankruptcy has long been a big question mark in the eyes of the consumer. After all they don't teach about bankruptcy in school. More often than not, a person's view of bankruptcy is largely developed by either their parents or close relatives personal views or dealings with bankruptcy, or a...
- White papers
- Delphi leaves bankruptcy smaller, healthier
- Delphi's long and painful stay in bankruptcy court ended Tuesday -- after many false starts and four years of court-supervised restructuring. The new, privately held Delphi Holdings LLP gets a fresh start as a smaller auto parts supplier -- shedding unprofitable businesses -- with less debt and lower labor costs....
- News items 2009-10-07
- CIT Group Files For Prepackaged Bankruptcy
- By Dan Wilchins and Elinor ComlayNEW YORK (Reuters) - CIT Group Inc, a century old lender to hundreds of thousands and small and medium-sized businesses, filed for bankruptcy on Sunday, as the global credit crisis left it unable to fund itself and the recession clobbered its loans.The bankruptcy, one of...
- News items 2009-11-01
- CIT Seen Filing For Bankruptcy in Coming Days
- By Dan WilchinsNEW YORK (Reuters) - CIT Group CIT is likely to file for bankruptcy in the coming days, analysts and experts said.The lender to small and medium-sized businesses is trying to restructure its debt, and is offering investors two options.One path would be getting its unsecured debt holders --...
- News items 2009-10-29
- CIT, Icahn Agreement Brings Bankruptcy Closer
- By Elinor ComlayNEW YORK (Reuters) - Billionaire investor Carl Icahn, who had been trying to derail CIT Group Inc's CIT efforts to launch a restructuring plan, said on Friday he was now backing the lender's pre-packaged bankruptcy, making a filing as soon as this weekend more likely, analysts said.Shares in...
- News items 2009-10-30
- CIT Bankruptcy Plan May Win OK at December 8 Hearing
- By Jonathan StempelNEW YORK (Reuters) - A U.S. bankruptcy judge set a December 8 hearing to consider approval of CIT Group Inc's CITGQ reorganization plan, aiding the large commercial lender's effort to emerge from bankruptcy by year's end."We are on a very fast track," Judge Allan Gropper said at a...
- News items 2009-11-03
- CIT Bankruptcy Plan May Win OK at December 8 Hearing
- By Jonathan Stempel NEW YORK (Reuters) - A U.S. bankruptcy judge set a December 8 hearing to consider approval of CIT Group Inc's CITGQ reorganization plan, aiding the large commercial lender's effort to emerge from bankruptcy by year's end. "We are on a very fast track," Judge Allan Gropper said...
- News items 2009-11-03
- CIT bankruptcy plan may win OK at Dec. 8 hearing
- By Jonathan Stempel of Reuters NEW YORK - A US bankruptcy judge set a December 8 hearing to consider approval of CIT Group Inc's reorganization plan, aiding the large commercial lender's effort to emerge from bankruptcy by year's end. "We are on a very fast track," Judge Allan Gropper said...
- News items 2009-11-03
- Bankruptcy Basics
- Bankruptcy is a proceeding in which a court administers the estate the property and other assets of a debtor for the benefit of creditors. It discusses about a question What Law Applies to Bankruptcy? The answer is the applicability of uniform law by United States Constitution . The federal bankruptcy...
- White papers 2003-01-01
- Debtor May Avoid Bankruptcy Remote Provisions by Orchestrating Filing of Involuntary Bankruptcy
- In order to increase certainty and to decrease the cost of borrowing, lenders have increasingly sought to prevent borrowers from filing bankruptcy petitions by including "bankruptcy remote provisions" in their borrowers' bylaws. Bankruptcy remote provisions are designed to make bankruptcy unavailable to a borrower without the affirmative consent of the...
- White papers 2003-01-01
