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Real Estate Glossary

Bankruptcy

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Written by Luis Escobar

Also known as insolvency, bankruptcy is the legal status of individuals, corporations, entities, and governments that have accumulated more debt than they are able to pay. The bankruptcy process provides legal protection for borrowers from their creditors. As full satisfaction for the debt, the bankrupt borrower’s property and other assets are distributed by the court to the creditor.

Also known as insolvency, bankruptcy is the legal status of individuals, corporations, entities, and governments that have accumulated more debt than they are able to pay. The bankruptcy process provides legal protection for borrowers from their creditors. As full satisfaction for the debt, the bankrupt borrower’s property and other assets are distributed by the court to the creditor.

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Luis Escobar

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