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A person is declared bankrupt when they are unable to repay their debts and seek legal relief through a bankruptcy court. This typically involves filing a petition that demonstrates their financial situation and inability to meet obligations. Once the court approves the petition, the individual is officially declared bankrupt, which can lead to the liquidation of assets to pay creditors or a structured repayment plan. Bankruptcy laws and processes may vary by country or region.
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Was Jon Anderson of yes declared bankrupt?
cocain
Choose the correct definition of a bankrupt person.?
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.
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 is the basic meaning of bankrupt?
A trader who secretes himself, or does certain other acts tending to defraud his creditors., A trader who becomes unable to pay his debts; an insolvent trader; popularly, any person who is unable to pay his debts; an insolvent person., A person who, in accordance with the terms of a law relating to bankruptcy, has been judicially declared to be unable to meet his liabilities., Being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one's debts; as, a bankrupt merchant., Depleted of money; not having the means of meeting pecuniary liabilities; as, a bankrupt treasury., Relating to bankrupts and bankruptcy., Destitute of, or wholly wanting (something once possessed, or something one should possess)., To make bankrupt; to bring financial ruin upon; to impoverish.
Which term is assigned to a person or company that is reduced to a state of financial ruin?
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.
What if the individual did not declare bankruptcy prior to death but the estate is bankrupt?
If the estate is declared bankrupt by the court the heirs receive nothing and the creditors are out of luck.If the estate is declared bankrupt by the court the heirs receive nothing and the creditors are out of luck.If the estate is declared bankrupt by the court the heirs receive nothing and the creditors are out of luck.If the estate is declared bankrupt by the court the heirs receive nothing and the creditors are out of luck.
What happened to rembrandt in 1656?
declared bankrupt
How would you use the word bankrupt in a sentence?
While some people went bankrupt in the 1890s mini depression, many businesses went bankrupt during the Great Depression.She felt emotionally bankrupt because of her drug addiction.
Once declared how long is one bankrupt for?
U will remain bankrupt for upto 1 year.
Was Jon Anderson of yes declared bankrupt?
cocain
What is the correct definition of a bankrupt person?
A bankrupt is a person who cannot pay his or her debts.
What is the meaning of bankrupt?
declared in law unable to pay outstanding debts.
If a person owns a home can they rent the home to another person after the owners bankruptcy?
If a person owns a house they can do what they wish with it (within the law). If they are declared bankrupt and they no longer own it then they have no say in what happens with the house. It is no longer theirs.
What successful business owners went bankrupt before they were successful?
Yes, you can get a bank account if you are bankrupt, eventhough some banks won't allow to give you an account if you've just recently declared bankruptcy. Only open a bank account after you've been declared bankrupt.
Can an elderly person go bankrupt?
Certainly, an elderly person can go bankrupt; there is no age limit on bankruptcy.
When was Union Pacific declared bankrupt?
There were actually multiple times that the Union Pacific went bankrupt! Back in the 1870's they were caught bribing senators and went bankrupt. Another time was 1893 after it was reformed in 1880.
