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A court proceeding that involves a business or person unable to repay outstanding debts. The bankruptcy process usually begins with a petition filed by the debtor. In rare cases, the bankruptcy process begins with a petition filed on behalf of the creditors. The debtor's assets are liquidated in order to repay a portion of the outstanding debt. After completing all bankruptcy proceedings, the bankrupt entity is relieved of all debt liabilities incurred before filing for bankruptcy.

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