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It happens when a person or company spends money on credit and then cannot repay the debts it owes to creditors.
The bankruptcy process begins with a petition filed by the debtor (most common) or on behalf of creditors (less common). All of the debtor's assets are measured and evaluated, whereupon the assets are used to repay a portion of outstanding debt.
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∙ 10y ago
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What is the correct definition of a bankrupt person?
A bankrupt is a person who cannot pay his or her debts.
Can an elderly person go bankrupt?
Certainly, an elderly person can go bankrupt; there is no age limit on bankruptcy.
What do you do if you run out of money?
You become bankrupt.
Which pharmacy companies have become bankrupt?
You can get a list of bankrupt companies in the pharmaceutical industry at www.BusinessBankruptcyLists.com.
How do you check bankrupt name list at Malaysia online?
Faridah hinting hashim
Correct definition of a person who is bankrupt?
A person who can not pay his or her debts
A person who is unable to pay his debt?
bankrupt
How do you use the word bankrupt in a sentence?
A person bankrupt money from the bank, so the polices were trying to find him.
What does bankrupt mean in a sentence?
"Bankrupt" means that a person or organization is unable to pay their debts and is legally declared insolvent.
Can you become a director of a company if you have filed bankrupt in the past?
Sure.
What is the meaning of morally bankrupt?
A person is morally bankrupt if his actions display a complete disregard for ethical values or principles.
Can a bankrupt person sign a lease for business?
yes they can
