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Financial  Glossary of Finance Terms

Financial Glossary of
Finance Terms

Bankruptcy

Bankruptcy is a legal status that usually lasts for a year and can be a way of clearing debts you can't pay. When you're bankrupt, your non-essential assets (property and possessions) and excess income are used to pay off your creditors (those you owe money to). At the end of the bankruptcy period, most debts are 'discharged' (cancelled).

More details on bankruptcy


 

 

 

 

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