- "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."
The law governing the legal process for individuals and businesses to discharge their debts and either liquidate their assets or reorganize their financial affairs.
- "In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor."
- "Bankrupt is not the only legal status that an insolvent person may have..."
- "The term bankruptcy is therefore not a synonym for insolvency."
- "...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."
- "Bankrupt is not the only legal status that an insolvent person may have..."
- "Bankruptcy is a legal process..."
- "...may seek relief from some or all of their debts."
- "people or other entities who cannot repay debts to creditors..."
- "people or other entities who cannot repay debts..."
- "bankruptcy is imposed by a court order..."
- "often initiated by the debtor."
- "bankrupt is not the only legal status for an insolvent person..."
- "...may seek relief from some or all of their debts."
- "people or other entities who cannot repay debts to creditors may seek relief..."
- "people or other entities who cannot repay debts..."
- "people or other entities who cannot repay debts to creditors..."
- "...people or other entities who cannot repay debts..."