What is the means of "Bankruptcy"?

Answer 1

Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested by creditors in an effort to recoup a portion of what they are owed; however, in the overwhelming majority of cases, the bankruptcy is initiated by the bankrupt individual or organization.
The primary purpose of the laws of bankruptcy are: (1) to give an honest debtor a "fresh start" in life by relieving the debtor of most debts, and (2) to repay creditors in an orderly manner to the extent that the debtor has the means available for payment.

Bankruptcy allows debtors to resolve debts through the division of non-exempt assets among creditors. Additionally the declaration of bankruptcy allows debtors to be discharged of most of the financial obligations, after their non-exempt assets are distributed, even if their debts have not been paid in full. During the pendency of a bankruptcy proceeding, the debtor is protected from extra-bankruptcy action by creditors by a legally imposed stay. The creditor will not be permitted to continue lawsuits, garnish wages, or contact the debtor by phone to demand payment.

Answer 2

well there are lots of means!
i find some of the best ones are things like over spending, that seems to do the trick.
another way would be to max out a number of credit cards, this ones fairly popular.
but the best one is to buy a expensive house were you can just manage the payments with interest rates at the current levels. then and this is the good bit.
get a free yes that's right free gambling habit and loose most of the mortgage payments.
the one above seems to be the preferred option>
hope this is of some assistance>

Answer 3

I found lots of good information here.

Answer 4

Prbably that his or her bank had erupted and had no more financial credibility in his or her name

Answer 5

means your broke

Answer 6

when your poor and the bank ripped their money away from you.