bankruptcy
Definition
A proceeding in a federal court in which an insolvent debtor's assets are liquidated and the debtor is relieved of further liability. Chapter 7 of the Bankruptcy Reform Act deals with liquidation, while Chapter 11 deals with reorganization.
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Related Terms
receivership, Chapter 13
'bankruptcy
' appears in the definitions of these terms on BusinessDictionary.comcredit derivative (CD), order of discharge, winding up, workout arrangement, credit event, and 
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