What does Bankruptcy mean?

A legal process that allows an individual or business to have their debts forgiven or restructured in order to pay them off over time. Bankruptcy can have serious consequences, including the loss of assets and damage to credit scores.

Related Terms

Project Budget HOA Finish Grade Acre Proposal To Lease Home Equity Conversion Mortgage Adjustable-rate mortgage Blind Nailing Recording Fee Equal Credit Opportunity Act. Zoning Commercial Property Assumption Clause Accelerated Cost Recovery System Built-Ins Verification of Employment Loan Estimate (LE ) Breach of Contract