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Simple English definitions for legal terms
bankruptcy proceeding
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A quick definition of bankruptcy proceeding:
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.
A more thorough explanation:
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:
- John filed for bankruptcy and is now going through a bankruptcy proceeding in court.
- The bankruptcy proceeding for the company lasted several months and involved selling off assets to pay creditors.
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.