There are several kinds of bankruptcy. One is the kind you're thinking of, where whatever's left is divided up and given to creditors. Another provides a sort o

There are several kinds of bankruptcy. One is the kind you're thinking of, where whatever's left is divided up and given to creditors. Another provides a sort of time-out for the business to work its problems out without creditors hassling them. When a business "emerges" from bankruptcy it's a successful conclusion of that second kind. There are more kinds.