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Learn About Bankruptcy Law
Bankruptcy is a legal means of eliminating or restructuring debt. It is typically only considered an option when the debts of an individual or a bankruptcy become so unmanageable that there is little hope of the debtor being able to pay all of them back.
Essentially, it is an official acknowledgement by the law that the debtor is unable to pay their debt, and a decree that the debtor is no longer legally obliged to pay some of the debt, or is now obliged to repay it under terms much more favorable to the debtor.
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If you have further questions about bankruptcy law, you should consult with a bankruptcy attorney in your area. An experienced bankruptcy attorney will be able to look at your particular situation, what types of debts you have, and determine if bankruptcy is the best option for you.