What is Bankruptcy? iva-glossary/bankruptcy” class=”kblinker” title=”More about bankruptcy »”>Bankruptcy is one of the more effective ways to deal with debts you cannot afford to pay. Once you declare that you are bankrupt »”>bankrupt, all assests in your possession will be used to pay your outstanding debt »”>debts. After a period of one year, all your remaining debts will be written off and you can start anew. You can either file your own petition of bankruptcy or your creditor »”>creditors can do it for you. Either way, the effects are the same. Most of the Bankruptcy rules in effect have chang

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