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What is a bankruptcy?

What is a bankruptcy? Here are some definitions.

Noun
  1. A legally declared or recognized condition of insolvency of a person or organization.
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The industry is bleeding red ink for many of the same reasons that forced US Airways to go into bankruptcy.
I have never come across a business so brilliant, nor one so destined for bankruptcy by 2002, so you must act now.
There are some tables showing trends in bankruptcy over time, but there is not extensive quantitative analysis.
The Code will waive the requirement of a liquidating value appraisal so as to accelerate the close of bankruptcy procedure and asset realisation.
The abundant supply of credit is not matched by an abundance of personal responsibility in current bankruptcy law.
A divorced woman raising a youngster is nearly three times more likely to file for bankruptcy than her single friend who never had children.

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