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bankruptcy and bankruptcy laws  

Definition

  • The legal declaration that an individual is unable to pay his or her debts, and the laws establishing the legal rights and responsibilities of a person who declares bankruptcy. A person or business that declares bankruptcy is relieved of paying much of their debt but often must surrender assets to satisfy creditors. [Source: Student's Guide to the Supreme Court; Bankruptcy and Bankruptcy Laws]

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https://concepts.sagepub.com/social-science/concept/bankruptcy_and_bankruptcy_laws

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