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Bankruptcy
A judicial process concerning an individual or business that is incapable of paying off its accumulated debts.
Debts Reduced
A situation where the total amount owed by an individual or entity is decreased through negotiation, settlement, or by making payments.
Liability
An obligation or debt owed by an individual or company, typically financial, that arises from past transactions or actions.
Bankruptcy
A legal proceeding involving a person or business that is unable to repay outstanding debts, which allows for the assets of the debtor to be measured and evaluated, and the liabilities to be discharged or restructured under the protection of bankruptcy court.
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