Shmoop Finance

Make Moolah, Not War

Word of the day: Bankruptcy Trustee

Finance: What is Bankruptcy?

Milton's wife leaves him. On the way home from the divorce attorney he gets hit by a car and racks up thousands of dollars in medical bills. Since he can't work due to his injuries, he can't pay his mortgage and files for bankruptcy.

Under bankruptcy law, a bankruptcy estate will be created which will hold Milton's property. Since the estate isn't a human being, the judge will appoint a trustee to represent it, as well as evaluate and provide recommendations regarding Milton's requirements in the bankruptcy proceeding, in conformity with the U.S. Bankruptcy Code. That's divorce, Gangnam Style.

* Coming soon...ish