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Bankruptcy Law Info Online
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What is Bankruptcy.

Bankruptcy is a legally declared inability or
impairment of ability of an individual or organization
to pay their creditors. A declared state of bankruptcy
can be requested or initiated by the bankrupt
individual or organization, or it can be requested by
creditors in an effort to recoup a portion of what they
are owed. However, in the overwhelming majority of
cases, the bankruptcy is initiated by the "bankrupt"
individual or organization.