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Bankruptcy refers to a legal status of an individual or organization that is unable to repay their debts. It is a last resort option when all other attempts to resolve the financial challenges have failed. In bankruptcy, a court process begins, where the debtor's assets are evaluated and used to repay as much of the outstanding debt as possible. The remaining debt is then discharged, relieving the debtor from further obligations. Bankruptcy can have serious consequences on one's credit score and future borrowing ability. It is important to note that bankruptcy laws differ between countries, and it is crucial to seek professional advice before making such a decision.

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