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Bankruptcy

Bankruptcy. Sometimes individuals and businesses are unable to repay their debts. Bankruptcy is a federal court procedure that helps individuals or businesses get rid of or reorganize their debts.

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Bankruptcy

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  1. Bankruptcy

  2. Sometimes individuals and businesses are unable to repay their debts.

  3. Bankruptcy is a federal court procedure that helps individuals or businesses get rid of or reorganize their debts

  4. Chapter 7 Bankruptcy- allows most unsecured debts to be discharged- some property can be taken and sold in order to pay off debt- some assets are protected such as your house, car, clothing

  5. Chapter 13 Bankruptcy- this is a reorganization of your debt- payments may be reduced- you may be able to keep your house or car even if you are behind several payments

  6. Bankruptcy will be on your credit reportfor 7 – 10 years.This means that it will be extremely difficult or impossible to get a home or car loan. Employers check your credit report so they may be unwilling to hire you.

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