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  1. Dictionary
    bank·rupt·cy
    /ˈbaNGkrəp(t)sē/

    noun

    • 1. the state of being bankrupt: "many companies were facing bankruptcy"
    • 2. the state of being completely lacking in a particular quality or value: "the moral bankruptcy of turning away desperate people"

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  2. www.investopedia.com › terms › bBankruptcy Explained: Types and How It Works - Investopedia

    May 24, 2024 · Bankruptcy is a legal proceeding that frees individuals or businesses from their debts. Learn about the different types of bankruptcy, how they work, and their advantages and disadvantages.

  3. www.esquiremag.ph › money › capitalWhat is Bankruptcy? - Esquire Philippines

    May 7, 2020 · What is bankruptcy? In its simplest terms, bankruptcy is a legal process that allows an individual or company to settle debts to creditors. Contrary to popular belief—or preconceived notions—declaring bankruptcy doesn’t automatically mean a business or person is a failure.

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  5. www.nerdwallet.com › article › financeWhat Is Bankruptcy? Definition, Types and What to Know

    Nov 21, 2023 · Bankruptcy is a legal process to help consumers and businesses resolve overwhelming debt. Learn about the two most common types of consumer bankruptcy, Chapter 7 and Chapter 13, and how they can affect your credit score and financial goals.

  6. en.wikipedia.org › wiki › BankruptcyBankruptcy - Wikipedia

    Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor .

  7. www.britannica.com › money › bankruptcyBankruptcy | Definition, History, Examples, & Facts | Britannica...

    5 days ago · bankruptcy, 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. Insolvency, as used in most legal systems, indicates the inability to meet debts.

  8. www.merriam-webster.com › dictionary › bankruptcyBankruptcy Definition & Meaning - Merriam-Webster

    Learn the legal and common meanings of bankruptcy, as well as its synonyms, examples, history, and related phrases. Find out how to cite, translate, and play with the word bankruptcy.

  9. www.nolo.com › legal-encyclopedia › what-is-bankruptcyWhat Is Bankruptcy? | Nolo

    Jun 9, 2022 · Bankruptcy works as a safety net for individuals, families, and businesses by helping them get back on their feet financially when overwhelmed by debt. For many, filing bankruptcy is a natural step after an unexpected event like a job loss, illness, or divorce.