Bankruptcy occurs when a person or an organization declares they are unable to pay their creditors. Creditors may file a bankruptcy petition against a debtor in order to recover a portion of the money that they are owed. In many cases, however, bankruptcy is filed by the debtor. Bankruptcy allows debtors to be discharged from the legal obligation to pay most debts by submitting their non-exempt assets, if any, to the jurisdiction of the bankruptcy court for distribution between debtors’ creditors.
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