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- Bankruptcy: How It Works and Consequences - Debt. org
Bankruptcy gives creditors an opportunity for repayment when assets belonging to an individual or business are liquidated All bankruptcy cases are filed in federal court Judges examine the bankruptcy filing to determine a debtor’s eligibility and then decide whether to discharge that debt A trustee is appointed to represent the debtor’s
- Bankruptcy - United States Courts
About Bankruptcy Filing bankruptcy can help a person by discarding debt or making a plan to repay debts A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court A petition may be filed by an individual, by spouses together, or by a corporation or other entity All bankruptcy cases are handled in federal courts under rules outlined in the U S Bankruptcy Code
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