bankruptcy protection
Debtor's legal refuge
Bankruptcy protection is the legal shield that prevents creditors from seizing assets or collecting debts while a person or company reorganizes their finances under court supervision.
The term emphasizes what the debtor gains—protection from aggressive collection—rather than the failure bankruptcy implies: The airline filed for bankruptcy protection to restructure its debt.
In U.S. law, this typically means Chapter 11 for businesses or Chapter 13 for individuals.
- debtorOne who owes
- Chapter 7Debt elimination process
- debt consolidationCombining multiple balances owed
- trusteeOne managing another's assets
- safe harborProtected place for vessels
debt relief · wiped clean · fresh start · second chance · creditor · repayment plan · Chapter 11 · financial counseling · last resort · credit score · going under · proof of claim · court jurisdiction · attorney · means test · shareholder · guarantor · exemptions
- financial reliefdebt relief, bailout, loan forgiveness, debt forgiveness, stimulus
- fiscal crisisdebt crisis, fiscal crisis, fiscal emergency, insolvency, budget deficit
- debt reliefdebt relief, debt forgiveness, debt settlement, debt cancellation, debt negotiation
- financial safetyemergency fund, savings, safety net, insurance, nest egg
- travel insurancetrip cancellation, lost luggage, emergency evacuation, flight delay, travel delay
- bankruptcyChapter 11, Chapter 7, insolvency, Chapter 13, discharge
bankruptcy protectionsolvency
Capacity to pay debts
financial health · liquidity · creditworthiness · profitability · financial stability
bankruptcy protectiondebt collection
Pursuing owed payments
foreclosure · repossession · asset seizure · wage garnishment · default judgment
bankruptcy protectionliquidation
Selling assets for cash
dissolution · winding up · going out of business · receivership · forced sale
bankruptcy, protection, bankrupt, bankruptcies, bankrupted, bankrupting, protect, protects, protected