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Bankruptcy is the status of a debtor who has been declared by judicial process

30 Aug 2024 05:00 AM
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y.prathyusha ,
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Dallas, TX
Dallas

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Legal Services

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prathyusha.yerreddula@agilonconsulting.com

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Bankruptcy is the status of a debtor who has been declared by judicial process to be unable to pay his debts. Although sometimes used indiscriminately to mean insolvency, the terms have distinct legal significance. Insolvency, as used in most legal systems, indicates the inability to meet debts.