Bankruptcy law term definition

What is the definition of bankruptcy in small terms?
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts.
In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor..
What is the meaning of bankruptcy state?
Bankruptcy is a state of being bankrupt, or having no money to pay back debts that you owe..
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts.
In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Business bankruptcy is a legal process that occurs when a company is unable to repay its outstanding debts.
This occurs under the guidance and protection of the bankruptcy court, allowing businesses to either eliminate or repay their debts.
Purposes.
The federal bankruptcy laws provide a uniform framework for debtors to discharge their debts and resolve disputes with creditors.
The public policies promoted by these laws include: Preserving troubled companies when rehabilitation maximizes value to creditors.
What is a discharge in bankruptcy? A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts.
In other words, the debtor is no longer legally required to pay any debts that are discharged.

Law term

According to the law, the term adjustment may appear in varied contexts, as a synonym for terms with unrelated definitions:

Law term

According to the law, the term adjustment may appear in varied contexts, as a synonym for terms with unrelated definitions:

What is the definition of bankruptcy in small terms?