A legal status that a person/entity can declare when that person/entity can’t repay debts owed to creditors. Generally, the debtor will file a voluntary petition for bankruptcy to obtain relief from their debt, either through discharge or restructuring of the debt.
BusinessLoans.com is brought to you by
Over $5 Billion delivered to small businesses. Learn More
on Social Media
Most Popular Posts
Not sure about a term or phrase? View our glossary of commonly used financial words on BusinessLoans.com.View Definitions