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What is bankruptcy?

Our Professional Answer:

Bankruptcy is a financial tool that helps people who have had financial troubles discharge all of the debt that they’ve acquired. Well, there are several debts that are not dischargeable. For instance, the last three years of your taxes or several criminal penalties. Generally, all of your car debt, mortgage debt, and credit card debt, meaning unsecured debt or loans to people is dischargeable. Bankruptcy is the tool that allows you a fresh start so that you can move on with your financial life.