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What is a bankruptcy?

What is a bankruptcy? Here are some definitions.

Noun
  1. A legally declared or recognized condition of insolvency of a person or organization.
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This bill is about people using the bankruptcy system to evade paying alimony and child support payments.
We need to get this company back on the rails before it outsmarts itself into bankruptcy.
The Code will waive the requirement of a liquidating value appraisal so as to accelerate the close of bankruptcy procedure and asset realisation.
If the bank had gone under, it would have been the biggest financial-sector bankruptcy in Germany's history, according to Business Week magazine.
A divorced woman raising a youngster is nearly three times more likely to file for bankruptcy than her single friend who never had children.
There are some tables showing trends in bankruptcy over time, but there is not extensive quantitative analysis.

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