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What are the basics of bankruptcy law?

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Answer:

Bankruptcy law is when a judge declears that you have the inablity or impairment to pay a debt.creditors may file an involintary bankrupcy to reclaim some of their debt.

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Relevant answers:

Why do bankruptcy laws exist?
is to have a "fresh start" by permitting them to end their overwhelming debt and begin anew to rebuild their credit and engage in day-to-day activities without fear of creditors seizing their assets...
Do states differ on bankruptcy laws?
No, the same BK laws apply in every state since BK law is federal law and applies throughout the country. The only differences would be that each state has the option of using federal exemtions or...
Who makes the law concerning bankruptcy?
They are Federal Laws, all of which are made by Congress and passed by vote of your elected officials.
Who sets bankruptcy laws?
Congress sets out the substantive BK law. The BK courts create their own BK procedures and local rules.
Can you study law with bankruptcy?
Sure