Word: Business bankruptcy
Definition:
A bankruptcy filed by or on behalf of a business or individual with business-related debt.
Sample Sentence:
The company filed for Chapter 11 business bankruptcy to reorganize its debts.
Why It Matters:
Business bankruptcy allows struggling companies to restructure and possibly continue operations.
Quick Tip:
Differentiate between personal and business bankruptcy to advise clients properly.
Source: https://www.uscourts.gov/glossary
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