Left Definition 1 of 2Right
LampPro Tip 1/3
Legal ProcedurePlay
Bankruptcy involves legal actions to resolve debt problems, often through courts. SlideThe business consulted a lawyer to navigate the bankruptcy process.
LampPro Tip 2/3
Financial DistressPlay
Indicates extreme financial trouble, not just temporary money issues. SlideThe repeated losses led to the company's bankruptcy.
LampPro Tip 3/3
Not for IndividualsPlay
Although people can go bankrupt, it's more commonly associated with businesses. SlideDespite personal debts, he avoided individual bankruptcy.