What is Bankruptcy? – NJ Bankruptcy Glossary

Definition of the NJ Bankruptcy Term – Bankruptcy

Bankruptcy:

a legal proceeding filed under one of the chapters of the U.S. Bankruptcy Code involving a person or business that is unable to repay outstanding debts

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Note: the above definition of Bankruptcy was written in a simplified form for non-lawyers and may require a legal interpretation of how Bankruptcy may impact your bankruptcy filing.