Bankruptcy: How It Works, How to Prevent It

Topics:
Bankruptcies
Tags:
Bankruptcy,
Business Operations,
Litigation
Source:
New York Times Company

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Overview: Bankruptcy is a federal court process that helps individuals and businesses repay their debts under the protection of the bankruptcy court (Chapter 13 Bankruptcy) or wipe their debts out altogether (Chapter 7 Bankruptcy). When a person files for bankruptcy, an automatic stay goes into effect which prohibits a person's creditors from taking action to collect the debt without the approval of the court. There are two basic types of bankruptcies: liquidation or reorganization. In the US, liquidation is known as Chapter 7 Bankruptcy, which refers to the chapter of the bankruptcy law that allows a person's assets to be sold off (liquidated) to pay creditors.

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