bankruptcy
A court order that provides debt relief to a person or entity who is unable to pay certain debts. Multiple options exist for bankruptcies, depending on the ultimate goal and debt type.
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The following dictionary definition list is provided for clarification only. Note that many definitions are not directly applicable to mortgages, loans or other financial terminology in this glossary. Used with permission: WordNet 2.1 Copyright 2005 by Princeton University. All rights reserved.
bankruptcy
Noun: bankruptcy (a state of complete lack of some abstract property) "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy"
Noun: bankruptcy, failure (inability to discharge all your debts as they come due) "the company had to declare bankruptcy"; "fraudulent loans led to the failure of many banks"
Noun: bankruptcy (a legal process intended to insure equality among the creditors of a corporation declared to be insolvent)
- bankruptcy -
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