bankruptcy

{
  "id": "MLC-T-LAW-000023",
  "term": "bankruptcy",
  "field": "Law",
  "definition": "A legal case governed primarily by title 11 of the U.S. Code (the Bankruptcy Code) - over which the federal courts have exclusive jurisdiction - by which persons or businesses unable to pay their debts can liquidate or reorganize their assets and liabilities, or seek the court’s assistance in conjunction with a foreign insolvency proceeding. Through the bankruptcy process, certain debtors may discharge their debts. Bankruptcy judges preside over these proceedings.",
  "references": [
    "U.S. Courts Glossary of Legal Terms"
  ],
  "url": "https://mlchart.com/terminology/law/bankruptcy/"
}