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    3 Replies Latest reply on Feb 18, 2011 7:41 AM by

    What Is Bankruptcy???


      Heyyy Please Help Me.......

        • Re: What Is Bankruptcy???
          LUCKIEST Guide


          is a legally declared inability of an  individual or organization to pay its creditors


          • What Is Bankruptcy???
            dominantapproac Wayfarer

            I guess the best way

            to find out is making a search on google, this way you can find specific points about your own situation.


            Good Luck with your search!!

            • What Is Bankruptcy???

              There are two main types 1) liquidation, where all non-exempt assets are sold with the proceeds going to creditors, and 2) reorganization - when a plan is put together to partially or fully repay the debt over time.  Creditors typically vote on the plan that the debtor proposes, and that determines whether the plan is approved.


              The main type of bankruptcy for individuals is a chapter 7, which is liquidation.  If you are discharged, all unsecured debts are typically eliminated and you will have no future legal obligation to pay them.


              If you want to understand your options, you should consult with a Bankruptcy attorney in your state to see if you qualify.