Bankruptcy Court Legal Meaning and Definition
Here is a simplified definition of the legal term Bankruptcy Court.
Bankruptcy Court (noun)
A Bankruptcy Court is a specialized type of court that deals primarily with bankruptcy cases. It has the authority to hear petitions from individuals or businesses who want to be declared bankrupt because they owe more money than they own in assets and can't fully pay back their debts. They have the power to decide if someone or a company is legally bankrupt.