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Can I declare myself bankrupt?
You can call yourself bankrupt, but in order to have legal standing you must file for bankruptcy in a bankruptcy court. Declaring bankruptcy has serious consequences to your credit and economic life and all other options should be tried before going to court.
Bankruptcy laws vary from country to country. Before you take on such a drastic step, you must have legal council and understand the ramifications this will have on your economic life in the future. There may be no other viable choice, but generally, it is better to avoid bankruptcy if possible. Individuals can declare bankruptcy, as can corporations.
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