Bankruptcy

Q&A By UNIQUE BUSINESS IDEAS

Legal process in which an individual or a company is unable to pay its debts and seeks protection from its creditors

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Can be initiated voluntarily or involuntarily, depending on the jurisdiction and the circumstances

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Can result in the liquidation or reorganization of the debtor's assets, depending on the type of bankruptcy filed

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Can involve different parties, such as the debtor, the creditors, the bankruptcy court, and the trustee

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Can have different impacts, such as the discharge of some debts, cancellation of contracts, or sale of assets

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Can be governed by different laws and regulations.

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Can be a last resort for individuals or companies facing financial distress, & can have long-lasting effects on their creditworthiness

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By UNIQUE BUSINESS IDEAS Scribbled Underline