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- Dictionarybankruptcy/ˈbaŋkrʌp(t)si/
noun
- 1. the state of being bankrupt: "many companies were facing bankruptcy"
- 2. the state of being completely lacking in a particular good quality: "the intellectual bankruptcy of the corporate media"
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May 24, 2024 · Bankruptcy is a legal proceeding carried out to free individuals or businesses from their debts. Creditors still have an opportunity for repayment with the bankruptcy...
The legal definitions of the terms bankruptcy, insolvency, liquidation and dissolution are contested in the Indian legal system. There is no regulation or statute legislated upon bankruptcy which denotes a condition of inability to meet a demand of a creditor as is common in many other jurisdictions.
Bankruptcy is a proceeding where a judge and court-appointed trustee examine the assets and liabilities of individuals, partnerships and businesses who’ve concluded they can’t pay their debts. Experts say it should be a last resort to settle your financial woes.
Jul 13, 2024 · Bankruptcy is the status of a debtor who has been declared by judicial process to be unable to pay his debts. Although sometimes used indiscriminately to mean insolvency , the terms have distinct legal significance.
Jun 4, 2015 · Bankruptcy defined and explained with examples. A legal process that allows consumers and businesses to eliminate their debts by order of a federal court.
BANKRUPTCY definition: 1. a situation in which a business or a person becomes bankrupt: 2. the fact of good qualities…. Learn more.
It is a court-supervised process where a person legally declares themselves unable to pay outstanding debts. Continue reading to uncover more about bankruptcy and how it works. Bankruptcy: An Introduction. Two different types of bankruptcies are available to average people in debt, often called consumer debt. You might choose to:
The meaning of BANKRUPTCY is the quality or state of being bankrupt. How to use bankruptcy in a sentence. the quality or state of being bankrupt; utter failure or impoverishment…
Nov 21, 2023 · Bankruptcy is a legal tool to help you manage overwhelming debt. Common types include Chapter 7 and Chapter 13. Learn whether bankruptcy is right for you.
Feb 7, 2022 · Bankruptcy is a legal process that lets individuals or businesses overburdened with debt eliminate debts and start fresh or, in some cases, work out deals with creditors to...
