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Is a federal legal proceeding involving people or businesses that cannot pay their debts and are seeking help from the court to rid them from those obligations, sometimes by paying a portion of each debt.


 

Merriam-Webster Online Dictionary
bankruptcy (noun)
1.
the quality or state of being - bankrupt
2.
utter failure or impoverishment
Merriam-Webster Online Thesaurus
bankruptcy (noun)
the inability to pay one's debts
SYNONYMS:
bankruptcy, failure, ruin
RELATED WORDS:
Chapter 11
solvency
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