Financial Term: Bankruptcy

Bankruptcy is when someone’s debt problems get so serious that they are unable to pay their existing debts and bills. When this happens, it’s possible to apply to a court to be made bankrupt – which means that any assets you have, such as savings, will be used to pay off your debts. Normally, a person will be discharged from bankruptcy after one year, but it will still have a negative impact on their credit rating and may stop them getting credit or a loan in the future.

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