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Bankruptcy Legal Aspects of Business Law Professor Wright December 10, 2003 When most people hear the term bankruptcy it sends an over-lining shock to there system. And this is immediately followed by feelings of pity or sorrow for the individual or individuals that are experiencing the ordeal. But like other legal terms, bankruptcy has been getting a bad reputation that needs to be better clarified or defined. Bankrupt as defined in the text means "the state or condition of one who is unable to pay his debts as they are, or become, due". This basically means that he or she is not able to accumulate the necessary funds to pay off a debt or bill that is past due. Straight bankruptcy in the text means "the nature of a liquidation proceeding and involves the collection and distribution to creditors of all the bankrupt's nonexempt property by the trustee in the manned provided by the...

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