Posted by Turker on 8/18/08

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I would like to know how a company that declared
bankruptcy can be helped by the government.Does the
Government provide funds.Dot the company's workers
continue to work.What is the Law for the workers who are
already there.
Bankruptcy is a legally declared inability or impairment
of ability of an individual or organizations to pay their
creditors. Creditors may file a bankruptcy petition
against a debtor ("involuntary bankruptcy") in an effort
to recoup a portion of what they are owed. In the majority
of cases, however, bankruptcy is initiated by the debtor
(a "voluntary bankruptcy" that is filed by the bankrupt
individual or organization).

Bankruptcy, 8/18/08, by Turker.

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