When an organization cannot meet its financial obligations or make payment to its creditors, bk lawyer near me files for bankruptcy. A petition is filed in court for the same in which all outstanding Business debts are measured and paid, if not in full, lawyer for bankruptcies with business assets. Bankruptcy is a legal course undertaken by the business to get rid of debt obligations. Debts that are not paid in full to creditors are forgiven to the owners. Filing for bankruptcy varies in different countries.