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Bankruptcy

Bankruptcy law applies to debtors who may be individuals, businesses, or municipalities and who are insolvent and unable to pay creditors. Bankruptcy allows debtors to be free from their financial obligations by entering into trustee-administered liquidation or rehabilitation plans that divide and distribute their assets among the creditors. Bankruptcy proceedings are brought in federal bankruptcy courts. Debtors considering bankruptcy should consult a bankruptcy attorney for advice on eligibility, alternatives, and types of bankruptcies.*

*Source: Lawyers.com