'''Bankruptcy''', in finance and legal arenas, refers to a process whereby a person or business who is unable to pay their debts, may petition a court for relief (in whole or in part) from having to repay the debts, or to obtain more time to do so. | '''Bankruptcy''', in finance and legal arenas, refers to a process whereby a person or business who is unable to pay their debts, may petition a court for relief (in whole or in part) from having to repay the debts, or to obtain more time to do so. |