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What Is Bankruptcy?

Bankruptcy is a legal process designed to help individuals and businesses eliminate their debts with the protection of Federal Law.  Bankruptcies are either described as “liquidation” (Chapter 7) or “reorganization (Chapter 11 and 13).  Liquidation is where the bankruptcy filer asks the court to wipe out or “discharge” certain debts.  In a reorganization under Chapters 11 and 13, a plan is filed with the court that proposes to pay certain debts over time.  Most of the debts that remain are discharged once the bankruptcy filer completes the bankruptcy plan.

 

 

 

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Site Updated: 8-21-2008 10:51 AM CST

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