Bankruptcy: Canada Debt .ca defines Bankruptcy

Bankruptcy Term Bankruptcy

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Canada Debt has the definition to the bankruptcy and debt term Bankruptcy. Finding answers to terms such as Bankruptcy can be difficult, especially if there is more than one definition which is why we have created a page dedicated to financial terms dealing exclusively with debt. Bankruptcy in financial terms means...

In debt and bankruptcy terms, the phrase / term 'Bankruptcy' is used as follows:

The state of being bankrupt. This option can be taken when you are not in a position to repay a reasonable portion of your debt. The process relieves you of most debts, and legal proceedings by creditors generally stop.