What Is Bankruptcy?

Bankruptcy is a legal proceeding that allows you to get a fresh financial start if you find yourself unable to pay your bills and can meet certain requirements. The right to file for bankruptcy is provided in the Federal Bankruptcy Law, and all bankruptcy cases are prosecuted in Federal Court. The filing of a bankruptcy petition immediately stops all creditors from seeking to collect debts while the Court accesses your financial situation and determines if bankruptcy relief may be granted in your case.

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