Bankruptcy  

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"For bankruptcy has become such an art that every day someone invents a new species, especially in the realm of governmental bankruptcies where France has just made an innovation: the doubledupe or amphidupe, which has provided the nation with a new means of despoiling itself."--Le Nouveau Monde industriel et sociétaire, ou Invention du procédé d’industrie attrayante et naturelle, distribuée en séries passionnées (1829) by Charles Fourier

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Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

Bankrupt is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency.

Wiktionary

  1. In a condition of bankruptcy; unable to pay one's debts.
    a bankrupt merchant
  2. Having been legally declared insolvent.
  3. Destitute of, or wholly lacking (something once possessed, or something one should possess).
    a morally bankrupt politician
    • Sheridan
      bankrupt in gratitude

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Unless indicated otherwise, the text in this article is either based on Wikipedia article "Bankruptcy" or another language Wikipedia page thereof used under the terms of the GNU Free Documentation License; or on research by Jahsonic and friends. See Art and Popular Culture's copyright notice.

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