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What is Bankruptcy?

In simple terms, bankruptcy is a federal right that allows for people who can no longer afford to pay their creditors an opportunity to discharge their debts and gain a fresh financial start. The details of this federal right can be found within the complexities of the Bankruptcy Code found in Title 11 of the U.S. Code.

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Secured Creditors vs. Unsecured Creditors

A secured creditor is one that has certain rights to one or more of your assets as a form of protecting that creditor in connection with a debt that you owe. This right to your asset acts as a type of collateral, ensuring that “secured” creditor that they will ultimately be able to collect the debt that you owe even …

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The Automatic Stay

The automatic stay essentially acts as an injunction against creditors immediately upon the filing of a bankruptcy petition, prohibiting all collection efforts against the debtor filer and all of his or her property. The details of the automatic stay can be found in §362 of the Bankruptcy Code, which details all of the types of activities that are generally prohibited …

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The Means Test

The means test is essentially a test to identify potential abuse by bankruptcy filers. The test is designed to calculate whether a bankruptcy debtor can indeed afford to repay their debts based on their current level of income and household expenses. If the test concludes that the debtor filer should be able to afford to repay their creditors (even if …

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