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Bankruptcy - Attorney Glossary Terms and Abbreviations
A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies - Chapter 7 liquidation, in which your debts are wiped out (discharged) and Chapter 13 reorganization, in which you provide the court with a plan for how you intend to repay your debts. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11.