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What is bankruptcy?

Bankruptcy is a way to deal with debts that you are unable to settle as and when they fall due. The bankruptcy proceedings free you from excessive debts and pressures of creditors allowing you to make a fresh start subject to some restrictions and ensure that your assets are shared out to repay creditors.

A person who has been judged by a law-court to be unable to pay his debts as they fall due is a bankrupt.

Any individual can go bankrupt, including members of a partnership.

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Knowledge Base ID :   1010
Last Reviewed :   May 23, 2014
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