For example
Because he owed more than he could pay, he petitioned to be declared bankrupt.
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Someone who is unable to pay their debts, and is legally insolvent.
Because he owed more than he could pay, he petitioned to be declared bankrupt.
An order that a court may issue against someone if they cannot pay their debts when they are due to be paid. This order takes ownership of the debtor's property away from the debtor and allows much of the property to be sold. The money raised is divided between the creditors following strict rules.
A document which says whether or not someone is bankrupt.