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A non-technical term for a legal state of insolvency. (see also failure and insolvency)
Bankruptcy (Wikipedia)
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. 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, and the term bankruptcy is therefore not a synonym for insolvency.
Bankruptcy (Wiktionary)
English
Etymology
bankrupt + -cy
Pronunciation
- IPA(key): /ˈbæŋk.ɹʌp(t).si/
Noun
bankruptcy (countable and uncountable, plural
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