Bankruptcy – A legal action filed by a person or entity to restructure or alleviate debts.

  • Example: In recent years many people have come to a point in their lives where their liabilities (what they owe) outweigh their assets (what they own). To get relief from some of their debts people can file bankruptcy, however, this has a huge negative impact on their credit and can affect their ability to borrow money for many years to come.
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