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Definition of



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.

bankruptcy - Related Articles


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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