bankruptcy filing
Formal debt surrender
A bankruptcy filing is the formal legal action of submitting a petition to a court seeking protection from creditors under bankruptcy law.
The filing initiates proceedings that may discharge debts, reorganize payment plans, or liquidate assets: The company announced a bankruptcy filing after failing to secure additional funding.
In the U.S., filings are categorized by chapter—Chapter 7 for liquidation, Chapter 11 for business reorganization, Chapter 13 for individual debt restructuring.
- creditorOne owed money
- insolvencyInability to pay debts
- legal protectionRights enforceable by law
- garnishmentCourt-ordered debt collection
- debtorOne who owes
Chapter 11 · foreclosure · Chapter 7 · means test · fresh start · clean slate · petition · court hearing · court order · debt restructuring · liquidation · trustee · discharge · unsecured debt · asset forfeiture · judge · financial hardship · rock bottom
- money troublesdebt relief, bad debt, paycheck to paycheck, struggling, financial ruin
- corporate crisesscandal, lawsuit, layoffs, data breach, product recall
- fiscal crisesdebt crisis, budget crisis, fiscal crisis, fiscal emergency, budget deficit
- Legal Actionssue, litigate, prosecute, bring charges, press charges
- church scandalspriest abuse, cover-up, cover-ups, coverups, sexual misconduct
- court recordscourt documents, court transcripts, court records, court cases, court record
bankruptcy filingsolvency
Capacity to pay debts
financial health · profitability · creditworthiness · liquidity · financial stability
bankruptcy filingIPO
First public stock offering
initial public offering · startup launch · going public · acquisition · grand opening
bankruptcy filingout-of-court settlement
Resolution bypassing formal litigation