bankruptcy

'Declararse en bancarrota' is a Spanish phrase that translates to 'declare bankruptcy' in English. It signifies a legal process where an individual or a company can seek relief from some or all of their debts if they are unable to pay them back. This process generally begins when the debtor or, in some cases, the creditors file a petition with the court. ‘Declararse en bancarrota’ does not mean that the individual or company is out of money, instead it denotes their struggle to manage their debts with the available resources.

Example sentences using: declararse en bancarrota

La empresa decidió declararse en bancarrota debido a las deudas acumuladas.

The company decided to declare bankruptcy due to the accumulated debts.

This phrase illustrates a common scenario where a business faces financial difficulties and opts for bankruptcy as a solution to manage overwhelming debts.

Después de muchos intentos de recuperar su negocio, finalmente se vio forzado a declararse en bancarrota.

After many attempts to recover his business, he was finally forced to declare bankruptcy.

In this example, an individual who has made several efforts to save their business ultimately has no choice but to declare bankruptcy, indicating a desperate financial situation.

Declararse en bancarrota puede ser una forma de empezar de nuevo financieramente.

Declaring bankruptcy can be a way to start over financially.

This phrase suggests that bankruptcy isn't solely a negative outcome; it can provide individuals or businesses with a fresh start to recover and rebuild their financial status.