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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...
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 .
BANKRUPTCY definition: 1. a situation in which a business or a person becomes bankrupt: 2. the fact of good qualities…. Learn more.
Jun 4, 2015 · Bankruptcy is a legal process that allows consumers and business entities to eliminate some, or all, of their debts by order of a federal court.
Mar 22, 2022 · Bankruptcy is a process designed to help a person or business discharge debts and get a financial fresh start. Learn the different types and how the system works.
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.
Jun 14, 2024 · 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.
1. : the quality or state of being bankrupt. 2. : utter failure or impoverishment. Synonyms. failure. insolvency. ruin. See all Synonyms & Antonyms in Thesaurus. Examples of bankruptcy in a Sentence. The company is facing bankruptcy. The company was forced into bankruptcy. The number of bankruptcies was especially high last year.
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.
Nov 10, 2023 · Bankruptcy is a generalized term for a federal court procedure that helps consumers and businesses get rid of their debts and repay their creditors. If you can prove you are entitled to it, the bankruptcy court will protect you during your bankruptcy proceeding. In general, bankruptcies can be categorized into two types: Liquidations (Chapter 7)
