7 Guam Code Ann. § 50060
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Terms Used In 7 Guam Code Ann. § 50060
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
If the debtor fails wholly or in part to perform the agreement decided upon at the meeting of the creditors, all the rights which the creditors had against the debtor before the agreement shall revest in them. In such case the debtor may be made subject to the bankruptcy and insolvency proceed- ings in the manner established by the following Chapters of this Title.
SOURCE: CCP § 1295.
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ARTICLE 3
VOLUNTARY INSOLVENCY