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Bankruptcy is the status of a debtor who has been declared by judicial process

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30 Aug 2024
10.03k views

An Individual
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Dallas, TX
Dallas

Bankruptcy is the status of a debtor who has been declared by judicial process

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prathyusha.yerreddula@agilonconsulting.com

Description

Bankruptcy is the status of a debtor who has been declared by judicial process to be unable to pay his debts. Although sometimes used indiscriminately to mean insolvency, the terms have distinct legal significance. Insolvency, as used in most legal systems, indicates the inability to meet debts.