What does it mean to “file bankruptcy?” Bankruptcy, or Debt Relief, is a legal proceeding where a person is either:
1. Released from paying debts by filing for protection from creditors under the U.S. Bankruptcy Code and turning all non-exempt property over to the Court’s Trustee; (this is a typical case under Chapter 7) or 2. Enters into a Bankruptcy Court sanctioned Payment Plan to repay some, or all, of the past due amounts owed over a period of up to 5 years, while keeping current with their regular bills, and once the payment plan is complete, the person may then be discharged from certain amounts owed before filing bankruptcy that were not provided for in the payment plan.
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