In finance and law, bankruptcy is a process for resolving financial distress, like those under the United States Bankruptcy Code or the Companies? Creditors Arrangement Act in Canada. State law assignments for the benefit of creditors could also been seen as a bankruptcy process under this definition.
In common parlance, bankruptcy is often , to mean something like broke or insolvent.
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When a Bankruptcy ?Event? Doesn?t Mean Bankruptcy
Source: http://www.finance4noobs.com/when-a-bankruptcy-event-doesnt-mean-bankruptcy/
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