Bankruptcy is an inability for an individual or organization to pay his or her creditors. Creditors may file a petition against a debtor in an effort to recoup a portion of what they are owed. However, it is typically initiated by the debtor when individuals and/or businesses are unable repay their debts. During bankruptcy, creditors are not allowed to forcibly seize assets without approval from the court. There are two basic types of bankruptcy in the United States Judicial System, liquidation bankruptcy and rehabilitation bankruptcy....  Read More