The Ultimate Legal Dictionary
PracticePanther compiled a list of the legal terms and definitions every
attorney, paralegal, and law student needs to know when running a law firm.
Bankruptcy
DEFINITION
A bankruptcy is a procedure that is filed in federal court under the United States Bankruptcy Code in which a debtor is able eliminate all existing debts or enter into a repayment play with partial repayment to debtors under a structured agreement. Individuals, spouses, corporations and municipalities can all file for bankruptcies under different chapters of the Bankruptcy Code.
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