Bankruptcy laws are federal laws that help people get a fresh start if they are not able to pay their debts, either through selling assets or setting up a repayment plan. This ‘fresh start’ is accomplished through completing the requirements for the chapter (type) of bankruptcy that you file. Once you have completed the requirements, the Court will grant a discharge, which releases you from personal liability from specific debts and prohibits creditors from ever taking any action against you to collect the discharged debts.
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