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Bankruptcy Bankruptcy is the legally determined inability to pay off debts when they are due. The remaining assets of the individual or company may then be liquidated and distributed by the court, or the debt may be reorganized or managed so that the future payments can be made.
Bankruptcy is often declared by the individual or company that cannot meet it's debts.
In this case the bankrupt individual or company is looking for protection of their
remaining assets and time to renegotiate or refinance their debt and terms, so they
can eventually repay their debt and then "come out" of bankruptcy.
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