What does declaring bankruptcy mean..?

Like in the boy scouts case, does that mean boy scouts will no longer be a thing...? 

5 Answers

  • 3 weeks ago
    Favorite Answer

    It does not mean that.  It generally just means a "reorganization" in which they continue to exist but don't pay some existing debts or get more time.  Sometimes there are layoffs or a company gets smaller.  But I think the Boy Scouts will continue operating normally and this is just a way to deal with the money owed due to sex abuse lawsuits.

  • Anonymous
    3 weeks ago

    For a person, it means many years of bad credit.  For businesses & the boy scouts it can mean various things. I owned a stock in a company that went bankrupt. I sold because 99% end up being worthless. In this case, I was wrong and the stock is way up from where I sold because of a bidding war and also increased sales from the pandemic. (Pent up demand)

  • Pearl
    Lv 7
    3 weeks ago

    saying you dont have the money to pay it off and they leave you alone about it

  • 3 weeks ago

    There are different types of bankruptcy, but in general it means that the company is getting protection and help from the legal system in handling their debt.  "Restructured" is how it usually is discussed.  It means they will be able to not pay everyone they owe the full amount they owe them.  The goal usually is to come out of the bankruptcy and be able to do business again.  

    GM, Chrysler, Marvel Entertainment, Texaco, and Six Flags are all companies which have gone through bankruptcy and come out the otherside. 

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  • 3 weeks ago

    It means a company shuts down for good!

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