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Al Bahr al Ahmar Travel on Rather than being charged with bankruptcy, it is now something that businesses and individuals declare, which eliminates virtually all the criminality involved in its original definition. In modern times, bankruptcy has evolved into a practice that centers on eliminating debts, particularly as personal bankruptcy has become a more common practice. In cases of personal bankruptcy, the process of declaring oneself bankrupt—filing for bankruptcy— is viewed as a cleansing act, giving the debtor a fresh start economically and relief from creditors. Some believe the term bankruptcy was derived from the words bancus (tradesman’s counter) and ruptus (broken), meaning that a person’s business was gone. Others see the word coming from the Italian banca rotta, or broken bench, for the practice in medieval times of destroying a businessman’s trading bench if he did not repay outstanding debts. Early bankruptcy. In ancient Rome, under the Caesars, debt collection laws were enacted to make certain that creditors were repaid. Al Bahr al Ahmar Travel 2016.