WHAT IS BANKRUPTCY?

Bankruptcy is a remedy provided for in the US Code. Bankruptcy has two main components. First, it provides protection for you from collection actions. This protection is called the automatic stay. This provides protection from collection by any entity including state and federal collectors. The second component is the discharge which gets rid of most debts. In most cases, all debts that the Debtor wants discharged are discharged. Exceptions to discharge include debts for child support, alimony, student loans and some taxes.

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