Personal Bankruptcy is a proceeding in which a court administers the estate (the property and other assets) of a debtor for the benefit of creditors.
A debtor is a person or business who owes money to others. A debtor may choose to file a bankruptcy proceeding, and use a bankruptcy attorney or lawyer to resolve a hopeless financial situation, or to put off the collection of debts for a period of time to allow for financial reorganization.
Consumers or businesses may file for bankruptcy. In some cases, a creditor, a person or business that is owed money, may force the filing of a personal bankruptcy proceeding, although these "involuntary" personal bankruptcy proceedings are very rare.
