June 27, 2010
What is a bankruptcy?
Bankruptcy is a proceeding based on federal law allowing people to obtain relief from their debts. There are a number of different proceedings but the most common is Chapter 7.
Basically, the debtor gives his/her property to a trustee appointed by the government. The trustee converts the property to cash and pays the creditors, to the extent possible.
The person filing bankruptcy is called ... read more
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