Bankruptcy

Bankruptcy is a legally declared inability
or impairment of ability of an individual
or organizations to pay their creditors.
Creditors may file a bankruptcy petition
against a debtor ("involuntary bankruptcy")
in an effort to recoup a portion of what
they are owed. In the majority of cases,
however, bankruptcy is initiated by the
debtor (a "voluntary bankruptcy" that is
filed by the bankrupt individual or organization).