What is Bankruptcy?

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Bankruptcy is a legal process through which eligible debtors can get many of their debts discharged (eliminated, or canceled). It allows people to file a case with the bankruptcy court, asking that the court step in, evaluate their debt and income, and remove their liability to repay the debt. This effectively means eligible debt is permanently eliminated, and the petitioner (the person filing for bankruptcy protection) is free to move on without ever having to repay it.

Below you'll find introductory articles in the various laws and protections available through bankruptcy.