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07-20-2008
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Bankruptcy (băngk'rÅ*pt'si) in a financial sense means a state of being unable to pay one's debts. There are two kinds: liquidation, in which the debts are wiped out or discharged, and reorganization, in which the debtor provides the court with a plan for repayment. Figuratively, bankruptcy can mean a lack of some non-material value, such as "moral bankruptcy." The adjective is bankrupt. More... | ||
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Word of the Day: Bankruptcy 
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