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Question : ___ is a legal declaration of a person who is unable to pay off debts.

Option 1: Bankruptcy

Option 2: Credit crunch

Option 3: Amortisation

Option 4: Bancassurance


Team Careers360 23rd Jan, 2024
Answer (1)
Team Careers360 24th Jan, 2024

Correct Answer: Bankruptcy


Solution : The answer is Bankruptcy.

Bankruptcy is a legal declaration of a person who is unable to pay off debts. When someone files for bankruptcy, an automatic stay goes into effect. This legal order prohibits creditors from taking further action to collect debts.

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