Bankruptcy is a legal proceeding involving a person or business that cannot repay their outstanding debts. The process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. The debtor’s assets are measured and evaluated, and the assets may be used to repay a portion of outstanding debt.

Bankruptcy offers an individual or business a chance to start fresh by forgiving debts that cannot be paid while offering creditors an opportunity to obtain some measure of repayment based on the individual’s or business’s assets available for liquidation.


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