Concept information
Preferred term
personal bankruptcy
Definition
- Personal bankruptcy occurs when a court of law approves and grants the person's (debtor's) petition or application to legally declare an inability to pay and satisfy monetary obligations (debts) to those owed monies (creditors) for the purpose of eliminating or reducing those debts. In contrast to ongoing income-providing social safety nets, such as welfare or unemployment insurance, to prevent individuals from entering into poverty, bankruptcy has historically been viewed as a means to provide debtors in financial hardship who cannot pay their debts a chance for a fresh start. [Source: Encyclopedia of Social Problems; Bankruptcy, Personal]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/personal_bankruptcy
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