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Bankruptcy is filed when a person or a company becomes insolvent and cannot pay their debts as they become due and if they have at least $1,000 in debt
from the top result below
https://en.wikipedia.org/wiki/Bankruptcy
In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor
https://en.wikipedia.org/wiki/Trust_law
is a legal relationship in which the owner of property, or any transferable right, gives it to another to manage and use solely for the benefit of a designated person
https://en.wikipedia.org/wiki/Power_of_attorney
In the context of the unincorporated reciprocal inter-insurance exchange (URIE) the attorney-in-fact is a stakeholder/trustee who takes custody of the subscriber funds placed on deposit with him, and then uses those funds to pay insurance claims
https://en.wikipedia.org/wiki/Estate_planning
Estate planning or inheritance planning is the process of anticipating and arranging for the management of a person's estate or net worth during the person's life in preparation for future incapacity or death
https://en.wikipedia.org/wiki/Probate
a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death
https://www.uscourts.gov/services-forms/bankruptcy
gov website belongs to an official government organization in the United States
https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax
gov website belongs to an official government organization in the United States
Sites: en.wikipedia.org (5) · www.uscourts.gov (1) · www.irs.gov (1)