bankruptcy
A term to know.
A process under federal (and sometimes state) law where the assets of an individual or a business that is unable to pay debts as they become due are administered for the benefit of creditors. A bankruptcy, however, may enable a debtor to seek protection from the collection efforts of creditors, and attempt to restructure obligations owed to creditors.
Synonyms:
bankruptcies
Synonyms list
(a comma-separated list)
bankruptcies