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Bankruptcy Defined

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Bankruptcy Defined

Bankruptcy is a legal process by which a person who cannot pay his or her bills can get a fresh start. The right to file for bankruptcy is provided by the Constitution of the United States, federal statutes and Michigan statutes. All bankruptcy cases are handled by the federal court system. Filing bankruptcy stops your creditors from collecting debts from you, at least until your debts are sorted out according to the law.

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