Definition: In the context of bankruptcy law, a "bankruptcy" refers to the process by which an individual or entity is declared insolvent and unable to pay its debts. This can occur due to various reasons such as non-payment, violation of laws, or financial difficulties. Bankruptcies typically involve the liquidation of assets, such as property and income, in order to recover some or all of a bankrupt's debts. The process of bankruptcy involves several stages: 1. Bankruptcy declaration: In most
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