What is a Bankruptcy?
A bankruptcy is the inability of an individual or business to meet the obligations it has to its creditors. When an individual gets in a situation where it can’t meet its debt obligations it is usually because they have racked up a lot of credit card debit along with a home and car loan. When a business gets in this situation it is usually because the business idea has failed. Businesses get in situations like this because of bad business ideas, poor business management, or a stalling economy. When someone gets in a situation like this they often consider filing a chapter bankruptcy.