What does bankruptcy petition mean?

bankruptcy petition meaning in Law Dictionary

whenever a debot asks to be broke. The judge must accept this and assets can be purchased to cover financial obligation.

bankruptcy petition meaning in Business Dictionary

Application by a debtor (or his / her lenders) to a court to declare the debtor bankrupt. On courts endorsement, the debtor's possessions can be bought down (liquidated) in addition to proceeds tend to be equitably distributed one of the creditors.