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    What is bankruptcy (insolvency)?
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    Bankruptcy (insolvency) is a state of not being able to pay off debts. This state is often officially imposed by courts. Variouslaws govern how to proceed through bankruptcy. In the U.S., the United States Code Chapter 11 governs bankruptcy. When a person that owes debts files for bankruptcy under Chapter 11, he/she can get relief from some of the debts owed.

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