The Real Estate Encyclopedia
Category - Real Estate Glossary - Real Estate Terminology
1.  The inability of a debtor to pay one's financial debts when due and where relief has been sought and has been granted through a special court action that makes it possible to resolve or eliminate the debtor's debts.

2.  A proceeding in U.S. District Court wherein debtors who can not meet the claims of their creditors may be adjudged bankrupt by the court. See Chapter 7 Bankruptcy and Chapter 13 Bankruptcy.

Bankruptcy is the last resort to for anyone and before declaring bankruptcy one should seek to modify their loans with a real estate attorney first.

Real Estate Glossary - Real Estate Terminology
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