Bankruptcy
| Bankruptcy | |
|---|---|
| Term | Bankruptcy |
| Short definition | bankruptcy - (pronounced) (BANK-rup-see) The situation that occurs when a person or company is unable to repay debts. Filing for bankruptcy is a legal process handled by a US federal court. |
| Type | Cancer terms |
| Specialty | Oncology |
| Language | English |
| Source | NCI |
| Comments | |
bankruptcy - (pronounced) (BANK-rup-see) The situation that occurs when a person or company is unable to repay debts. Filing for bankruptcy is a legal process handled by a US federal court. This process can help people get rid of their debt or reduce their debt through a repayment plan. Certain events, such as job loss, divorce, long illnesses, or hospitalizations, can affect a person's ability to pay bills and lead to debt and bankruptcy. Filing for bankruptcy helps people make a fresh start financially, but it also affects their ability to borrow money or get a loan in the future
External links
- Medical encyclopedia article on Bankruptcy
- Wikipedia's article - Bankruptcy
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