Bankruptcy: n. a human and/or business which is unable to pay back existing debt in a timely way and being unable to get additional credit
Personal and small business bankruptcies are rather terminal and final but big business has bankruptcies which reorganize the business legally and some historical debt is forgiven so that the business can continue to function with a smaller size or footprint.
National bankruptcy is more serious and can result in worldwide depression if a major country suchas the US collapses financially and becomes insolvent.
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