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Bankruptcy
01
a situation in which a person or business is unable to pay due debts
02
a state of complete lack of some abstract property
03
a legal process intended to insure equality among the creditors of a corporation declared to be insolvent
Example
The company declared bankruptcy after years of financial losses.
Bankruptcy can provide a fresh start for individuals in severe debt.
He avoided bankruptcy by negotiating with his creditors.
The risk of bankruptcy increased as the market conditions worsened.
She filed for bankruptcy to manage her overwhelming debt.
