What is the difference between Bankruptcy and Bankruptcy Protection that I hear in the news recently?

09. Jan, 2010 3 Comments

In recent news, companies could be forced to Bankruptcy. Is this the same as “companies can be forced into Bankruptcy Protection”?

I thought Bankruptcy protection is “PROTECTION” against Bankruptcy?

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3 Responses to “What is the difference between Bankruptcy and Bankruptcy Protection that I hear in the news recently?”

  1. alma p 09. Jan, 2010 at 1:00 pm

    ???

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  2. fuzzy bunny 09. Jan, 2010 at 1:34 pm

    They are the same thing. Bankruptcy protection is basically a term used because once you file for bankruptcy, your creditors are not allowed to contact you or try to collect anymore.
    Please consult a bankruptcy attorney for more clarification. All attorneys usually give a free consult. Good luck.

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  3. SafeWorker 09. Jan, 2010 at 1:44 pm

    Bankruptcy protection also usually refers to a type of bankruptcy where the company is protected from creditors for a period of time.
    Bankruptcy liquidation is where the company is dismantled and assets distributed to the creditors.

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