Tagged: Bad Debts, Court Order, Insolvency This topic contains 11 replies, has 12 voices, and was last updated by Aravind Kumar 6 years, 1 month ago. Author Posts June 20, 2016 at 3:03 PM #35546 kalaivaniG Participant Rank: Level 4 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” June 20, 2016 at 3:10 PM #35557 boutha priya Participant Rank: Level 5 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. June 20, 2016 at 3:46 PM #35610 Hari priya Participant Rank: Level 5 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. June 20, 2016 at 4:04 PM #35638 Jayalakshmi. j Participant Rank: Level 4 bankruptcy legal process under which a borrower protects and or liquidates assets In order to repay June 20, 2016 at 4:05 PM #35642 Nivedha Kannan Participant Rank: Level 5 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. Author Posts Viewing 5 posts - 6 through 10 (of 12 total) ← 1 2 3 → You must be logged in to reply to this topic.