In simple terms, bankruptcy is a legal process that allows individuals or businesses who cannot pay their debts to get a “fresh start.” It is handled in federal court and is designed to help people who are overwhelmed by financial obligations while ensuring that creditors are treated fairly.
When a person or company files for bankruptcy, an “automatic stay” goes into effect, which immediately stops creditors from seeking payment, garnishing wages, or foreclosing on property while the case is active.
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