Date Added: Feb 2010
Business bankruptcy can be defined as a situation in which an organization has more liabilities than the assets and becomes incapable of meeting the financial obligations. All types of business can file for bankruptcy. Many business organizations treat business bankruptcy as the only relief when they are overwhelmed by the credit problems and have no way out. However, there are many things you may have to face when one is filing for business bankruptcy. One may lose the reputation in the business world and the credit history will also be damaged.