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a legal proceeding involving a person or business that is unable to repay outstanding debts; process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common

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1. a legal proceeding involving a person or business that is unable to repay outstanding debts; process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common





 
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