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The state of being bankrupt is termed bankruptcy. Being bankrupt refers to an individual's state where they cannot pay their debts or obligations. Bankruptcy refers to the legal proceedings carried out when a person is bankrupt.

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A large amount of debt that we think is affecting our financial life only is not true as it can harm your physical and mental health too, causing stress, anxiety, and mental illness. So to avoid this overwhelming situation, one could consult debt consolidation

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