What is Bankrupt?

A person, firm, or corporation (debtor) that, through a court proceeding either through Chapter 7, 11 or 13, is relieved from the payment of some or all debts, usually after the surrender of all assets to a court-appointed trustee or after the reorganization of the debtor's assets and liabilities. Usually, at least two (2) years must elapse from the discharge of the bankruptcy before lenders will consider making a loan to someone who has declared bankruptcy.

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