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Home > QFINANCE Dictionary > Definition of bankruptcy

Definition of

bankruptcy

Legal

when unable to pay debts the condition of being unable to pay debts, with liabilities greater than assets. There are two types of bankruptcy: involuntary bankruptcy, where one or more creditors bring a petition against the debtor; and voluntary bankruptcy, where the debtor files a petition claiming inability to meet his or her debts.

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Definitions of ’bankruptcy’ and meaning of ’bankruptcy’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’bankruptcy’ and other financial terms with our online QFINANCE Financial Dictionary.

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