Bankruptcy is a process where a company can repay debt and reorganize and continue business. It an arrangement to allow a company to continue to exist.
Bankruptcy would protect the Watchtower from dying and help it get stronger.
"Bankruptcy is a process in which consumers
and businesses can eliminate or repay some or all of their debts under the
protection of the federal bankruptcy court. For the most part, bankruptcies can
be divided into two types -- liquidation and reorganization.
Chapter 7
bankruptcy comes under the liquidation category. It's called
liquidation because the bankruptcy trustee may take and sell
("liquidate") some of your property to pay back some of your debt.
However, you may keep property that is protected (also called
"exempt") under state law. There are several types of reorganization
bankruptcies, but Chapter 13 is most commonly used by consumers. In Chapter 13
bankruptcy, you keep all of your property, but must make monthly
payments over three to five years to repay all or some of your debt.
Both Chapter 7 and Chapter 13 bankruptcy have
many rules -- and exceptions to those rules -- regarding which debts are
covered, who can file, and what property you can and cannot keep."
