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Bankruptcy
A legal process in which an individual or business has their assets liquidated or restructured in order to pay off creditors.
More Details
Bankruptcy is a legal process that allows a person or business to repay their debts to creditors through the sale of their assets or by creating a repayment plan. The goal of bankruptcy is to provide a fresh start for the debtor and to give them relief from their financial obligations.
Example
You might file for bankruptcy if you have accumulated a large amount of debt that you are unable to repay, for example, through medical expenses. In this situation, you may file for bankruptcy in order to get relief from their debts and to start fresh financially.
Related Terms
Service Charge
A fee charged by a credit issuer or financial institution for processing transactions, usually added onto the total cost paid by a customer.
Estate Planning
The process of organizing and arranging for the management of a person's assets and property after their death.
Student Loan
A type of loan provided by the government or other financial institution to help students and their families pay for their education expenses.