Maryland Mass. Michigan Minnesota Miss. Missouri Montana Nebraska Nevada New Hamp. New York N. Carolina N. Dakota Ohio Oklahoma Oregon Penn.
Most entrepreneurs are all too aware of the dark cloud of bankruptcy.
What many don t realize, however, is that their creditors can force them into involuntary bankruptcy. Since ancient Rome, laws have regulated selling off property to pay back creditors. Early English statutes allowed only for involuntary bankruptcy, which creditors initiated. Voluntary bankruptcy was an American invention that didn t appear until 1721. Eventually, both England and the United States adopted rules for both voluntary and involuntary bankruptcy, with the common goal of converting the debtor's assets known in this country as the debtor's estate into money for creditors.