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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » What is involuntary bankruptcy?

What is involuntary bankruptcy?

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When an organization, or an individual is not in a position to repay the loan amount given as per the legal laws, the bank or the investors can legally take action and file for bankruptcy, in other terms knowing the situation and being aware that the one who owes them is not in a position to repay this amount can demand for some sort of settlement or go ahead and file for bankruptcy.

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