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Bankruptcy Learning Center

What Is Bankruptcy

What is bankruptcy? The definition of bankruptcy is a legal action to help people with debt problems.

A person owing money can often get a court order that they no longer owe their debts (Chapter 7 bankruptcy) or they can get a court order that lets them pay their bills in whole or part over 5 years (Chapter 13 bankruptcy wage earner plan) while protecting them from their creditors.

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