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Bankruptcy

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Bankruptcy
A legal ruling that cancels some of a person's debts in Exchange for giving up some assets.

Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors. Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed.

Bankrupt people usually have a hard time getting credit later, and may lose property if a judge orders it to be sold to repay Debt. Corporations can declare bankruptcy also. Bankrupt corporations usually go out of business.
Posted by  marcus evans limited
 
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