bankruptcy
noun
Examples of bankruptcy in a Sentence
Carly Tagen-Dye, Peoplemag, 11 Apr. 2024
Satellite-services firm Virgin Orbit Holdings Inc. fell into bankruptcy last year, less than 18 months after completing a merger with blank-check firm NextGen Acquisition Corp II.
—Ben Stupples, Fortune Europe, 9 Apr. 2024
Employment hasn’t fallen off a cliff, and suppliers of combustion vehicle parts haven’t been forced into bankruptcy en masse.
—Jack Ewing, New York Times, 9 Apr. 2024
The brand has sought bankruptcy protection twice in the last twenty years.
—Byphil Wahba, Fortune, 8 Apr. 2024
Declaring corporate bankruptcy seems to be one of his favorite hobbies.
—Michelle Cottle, The Mercury News, 4 Apr. 2024
But the patient experience has gotten better even as medical bankruptcies and debts remain high.
—Philip Elliott, TIME, 2 Apr. 2024
As an ethical guide, individuals should limit themselves to 1 million (perhaps $5 million in the less secure United States, where one mistimed hospital bill could be enough to thrust a household into bankruptcy).
—Christine Emba, The Atlantic, 1 Apr. 2024
Sacramento’s diocese joins several others in California and nationwide that have turned to bankruptcy court for protection, and representatives of victims of clergy abuse have denounced the move, including the Survivors of those Abuse by Priests, or SNAP.
—Sam Stanton, Sacramento Bee, 1 Apr. 2024
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Dictionary Entries Near bankruptcy
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“Bankruptcy.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/bankruptcy. Accessed 16 Apr. 2024.
Copy CitationKids Definition
bankruptcy
noun
Legal Definition
bankruptcy
noun
Note: Bankruptcy protects the debtor from debt collection by creditors. A debtor may file for bankruptcy, which is called “voluntary bankruptcy,” or a creditor may petition the court to declare the debtor bankrupt, which is called “involuntary bankruptcy.” Involuntary bankruptcy is allowed only under chapter 7 or chapter 11 of the U.S. Bankruptcy Code. There are four types of relief available to individuals or corporations under the Bankruptcy Code: liquidation (chapter 7), reorganization (chapter 11), debt adjustment for a family farmer or fisherman (chapter 12), and debt adjustment for an individual with a regular income (chapter 13). Municipalities may file for bankruptcy under chapter 9. The court determines which debts are to be repaid according to their priority, and the debtor is typically granted a discharge from unpaid debts that are dischargeable under the Bankruptcy Code.
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