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About: List of bankrupts     Goto   Sponge   NotDistinct   Permalink

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Personal bankruptcy (also known as personal insolvency) law allows, in certain jurisdictions, an individual to be declared bankrupt, which is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Personal bankruptcy is distinguished from corporate bankruptcy, which generally does not directly affect the business owners' personal assets.