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What is What Is Bankruptcy?

Definition of What Is Bankruptcy

Bankruptcy is a legal status, that declares an individual or business as insolvent, which would likely result with the assets of an individual or business being liquidated in an attempt to repay their debts or one can file a plan outlining how you intend to repay your creditors with the bankruptcy court. In either event the result is an 'automatic stay', inhibiting the ability of the creditors to collect the debts until it is lifted. However some debts cannot be discharged by a court at the end of the bankruptcy period; for example, child support and tax debts would still require payment despite a bankruptcy status.
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