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A bankrupt person is an individual who is legally declared unable to pay their outstanding debts. This status typically arises when their liabilities exceed their assets, leading to a court proceeding that may involve the liquidation of assets to repay creditors. Bankruptcy provides a legal framework for debt relief and often allows for a fresh financial start.
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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.
Which term is assigned to a person or company that is reduced to a state of financial ruin?
Bankrupt
What is a person called who is unable to pay their debts?
They are called a debtor, and they are often bankrupt.
What definition of a person who is bankrupt.?
A person who is bankrupt is someone who is unable to repay their outstanding debts and has legally declared this status, typically through a court process. Bankruptcy provides a framework for the individual to either reorganize their debts or liquidate assets to repay creditors. It often results in a fresh financial start, but also carries significant consequences, such as a damaged credit rating. This legal status is meant to protect both the debtor and creditors while ensuring fair distribution of available assets.
What term is assigned to a person or company that is reduced to a state of financail ruin?
A person that is in a state of financial ruin in bankrupt. They can be in a reorganization or in debt forgiveness.
Choose the correct definition of a person who is bankrupt?
a person who cannot pay his or her debts
What is the correct definition of a bankrupt person?
A bankrupt is a person who cannot pay his or her debts.
Correct definition of a person who is bankrupt?
A person who can not pay his or her debts
What is the definition of a bankrupt person?
A bankrupt person is one who cannot pay his debts. Bankruptcy laws sometimes allow indebtedness to be legally discharged when it is unlikely to ever be repaid.
Choose the correct definition for the underlined word. Because of her cheery disposition Amber could buoy any person's mood and bring a smile.?
Buoy: To support or uplift someone's spirits.
Can an elderly person go bankrupt?
Certainly, an elderly person can go bankrupt; there is no age limit on bankruptcy.
What is the definition of promotional strategy?
The definition of promotional strategy is when you choose to market and formulate a promotion to influence a person's decision.
correct definition of sensitivity?
a person's feelings which might be easily offended or hurt
Choose the definition that fits this term.random sample?
an equal chance of being selected for each person
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.
A person who is unable to pay his debt?
bankrupt
What does bankrupt mean in a sentence?
His business went to the dogs and he was declared bankrupt. He was unable to pay his debt and was declared bankrupt. His creditors got nothing as he was declared bankrupt.
