Bankruptcy refers to the legal status of a person or business that cannot repay the debts owed to creditors. The Bankruptcy process is normally initiated by the debtor, however formal Bankruptcy proceedings do not begin until there is an official court order by a United States Bankruptcy Court. Generally, Bankruptcy relieves the debtor from their debt by either discharging the debt or restructuring the debt.
Common types of bankruptcy include:
Changes may occur in this area of law. The information provided is brought to you as a public service, and is intended to help you better understand the law in general. It is not intended to be legal advice regarding your particular problem or substitute for the advice of a lawyer.
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