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Bankrupcy is the legally defined inability or seriously limited ability of an individual or an organization or company to pay their debts.

Bankruptcy is effectively the statutory procedure under federal law by which a person, known as the “debtor” under goes a judicially-supervised liquidation or reorganization.

This process is meant to benefit of creditors where the debtor is usually relieved of most of his debts through what is called “discharge". The creditors are given a portion of the debtor’s liquidated assets.

The word bankruptcy is often misspelled as bankruptsy, bankrupsy, or bankrupcy, among other versions, but all these words mean the same thing.