An individual, business, or corporate declaration of insolvency under the provisions of the U.S. Bankruptcy code. The various chapters within the bankruptcy code spell out the protections afforded to qualifying debtors. federal courts have sole jurisdiction over bankruptcy proceedings. As with other bankruptcy filings, a corporation can choose to liquidate its assets and use the proceeds to pay its creditors or to reorganize and continue to do business. In some instances under a reorganization, some of the corporation's debt may be forgiven. The reorganization will be overseen by a court trustee until the company emerges from bankruptcy.
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