EVERYONE has heard of people being declared bankrupt, but it’s not as simple as just having no money.
Reality star Katie Price was declared bankrupt in November 2019 and blew her 45 million fortune and her net worth now stands at less than 1 million.
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What is bankruptcy?
Bankruptcy is a legal status whereby debts cannot be repaid.
In the UK being bankrupt is limited to applying to individuals but in the US and some other countries, it can be applied to companies as well.
The word itself is derived from the Italian phrase banca rotta meaning “broken bank”.
In the modern world, it normally involves a restructuring of debts in…
Read the full article at: https://www.thesun.co.uk/money/5044383/why-is-katie-price-bankrupt/