Bankruptcy is a condition of being not in a position to pay back debts and owe everything what one has. Not only individuals, but some organizations and government also become bankrupt.

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When an individual wants to express his reduced or complete inability to pay ff his bills, he makes a legal declaration of this fact by bankruptcy filing.

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The term “Bankruptcy” in itself is scary. We start imagining a situation when we are left with no money to pay off our debts. How disgusting! A person with a pinch of self-respect would not want to keep anyone waiting outside his doors for payments.

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