Bankruptcy Information

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	Bankruptcy is defined as the legally declared inability or impairment of ability of an individual or organization to pay their creditors.

Bankruptcy Basics

The Federal Bankruptcy Code lays out the rules with regards to bankruptcy cases. Chapters 1, 3, and 5 are applicable to all bankruptcies. Code sections that start with 3 deal with case administration. Those that begin with 5 deal with creditors, debtors, and the bankruptcy estate. Chapters 7, 9, 11, 12, and 13 are specific provisions that govern particular types of debtors and/or financial situations.

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