🇸🇬 bankruptcy

Bankruptcy is a legal procedure for individuals or organizations unable to meet their financial obligations, allowing them to resolve debts. Currently, the term is trending due to Saint Augustine's University, a Historically Black College, filing for bankruptcy. This development follows reports of the institution taking out a high-interest loan and subsequently abandoning its fight for accreditation. This process typically involves a court-supervised restructuring of debts or liquidation of assets, often with long-term implications for the debtor.