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Bankruptcy Overview: The Purpose, The Chapters, The Automatic Stay, & The Discharge

The Purpose

The bankruptcy process exists for the purpose of giving individuals and in some circumstances businesses the opportunity for a “fresh start” free and clear of antecedent debt where other options have failed or are not available. As the U.S. Supreme Court stated in Local Loan Co. v. Hunt, 292 U.S. 234, 244 (1934), Bankruptcy […]

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