What is Bankruptcy?

[kalaivaniG]

bankruptcy – 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”

[boutha priya]

Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

[Hari priya]

It is a process in which consumers and businesses can eliminate or repay some or all of heir debts under the protection of the federal bankruptcy court.

[Jayalakshmi. j]

bankruptcy legal process under which a borrower protects and or liquidates assets In order to repay

[Nivedha Kannan]

A legal proceedings involved in a person or business because of the inability to pay the debts. The process begins with a petition filed by the debtor. Assets are used to repay the debts in most of the cases.

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