Bankruptcy is the legal status of an individual (or organization) who is unable to pay their creditors. Bankruptcy is filed in a Federal Court. Bankruptcies are of various types. The most common is the “Chapter 7 No Asset” bankruptcy that relieves the individual /borrower of his debts and liabilities. The borrower remains ineligible for loans for a period of time after the bankruptcy has been discharged. The borrower is also required to re-establish the ability to repay debt.
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