What is Bankruptcy?

A legal proceeding in a federal court under Chapter 7, 11, 13 in which a debtor who owes more than his or her assets can seek and possibly receive debt relief by transferring his or her assets to a trustee or agreeing to reorganization of assets and liabilities. Usually, at least two (2) years must elapse from the discharge of an individual bankruptcy before lenders will consider making a loan to someone who had declared bankruptcy.

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