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
Beneficiary
A person or entity that is entitled to receive the benefits or proceeds of a trust, insurance policy, or will.
Grace Period
A set amount of time after a payment is due during which a late fee will not be charged.
Overdraft Line of Credit
A loan tied to a checking account that can be used to cover transactions that exceed the available balance in the account.

Previous Menu

-jpg.jpeg?width=312&height=170&name=04_09_26_auto_loan_header%20(2)-jpg.jpeg)




