What does it actaully mean when you are bankrupt?

What does it actaully mean when you are bankrupt?
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1 Answer

Answer :

Company/bank often borrows and/or lends money. When they owe too much and it becomes clear that they can no longer pay back to all those from whom they borrowed it, the company goes bankrupt. Those who are supposed to get back money suffer most. They can claim, however, through legal proceedings. But, it takes time.
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