- Creditors of an insolvent debtor may initiate proceedings under the Bankruptcy Code, thereby in effect forcing the debtor into bankruptcy.See straight bankruptcy, below.
Black's law dictionary. HENRY CAMPBELL BLACK, M. A.. 1990.
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bankruptcy — bank·rupt·cy / baŋ ˌkrəp sē/ n pl cies 1: the quality or state of a bankrupt filed for bankruptcy 2: the administration of an insolvent debtor s property by the court for the benefit of the debtor s creditors the debt was discharged in bankruptcy … Law dictionary