Definition Bankruptcy

glossary: Bankruptcy definition
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Glossary: Bankruptcy

Bankruptcy is a state of insolvency of an individual or organization and its inability to pay debts. Bankruptcy refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.

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Definition: Bankruptcy

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