Simple English definitions for legal terms
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A bankruptcy proceeding is a legal process that happens when someone cannot pay their debts. It involves going to court and having a judge decide how to handle the debts. This can include selling assets to pay off creditors or creating a payment plan.
Definition: A bankruptcy proceeding is a legal process that occurs when an individual or business is unable to pay their debts. It involves a court case where a judge decides how to handle the debts and assets of the bankrupt entity.
Examples:
These examples illustrate how a bankruptcy proceeding is a legal process that occurs when someone is unable to pay their debts. In both cases, the individuals are going through a court case where a judge is deciding how to handle their debts and assets. The bankruptcy proceeding can involve selling off assets to pay creditors, as seen in the second example.