bankruptcy in a sentence
n.
📚 Grade Level: Grade 9, Grade 10, Grade 11
Definition
Bankruptcy is a legal status of a person or entity that cannot repay the debts it owes, leading to a court proceeding to resolve the financial obligations.
Sample Sentences
- The company filed for bankruptcy after struggling with mounting debts.
- After declaring bankruptcy, he was forced to sell his home to pay creditors.
- Bankruptcy can provide a fresh start for individuals overwhelmed by financial obligations.
- Many small businesses have faced bankruptcy due to the economic downturn.
- She was hesitant to declare bankruptcy, fearing the long-term impact on her credit score.
- The bankruptcy court approved a repayment plan that allowed them to keep their assets.
- Understanding the bankruptcy process is crucial for anyone considering it as an option.
- He viewed bankruptcy as a last resort after exhausting all other financial solutions.
- The rise in personal bankruptcies has sparked debate about consumer protection laws.
- Bankruptcy can sometimes be a strategic move for corporations looking to restructure.