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'''Bankruptcy''' refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may be released from or "discharged" from their debts, perhaps by paying a portion of each debt. [[Bankruptcy judges]] preside over these proceedings. The person with the debts is called the debtor and the people or companies to whom the debtor owes money are called creditors. [[category:legal terms]]
'''Bankruptcy''' refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may be released from or "discharged" from their debts, perhaps by paying a portion of each debt. [[Bankruptcy judges]] preside over these proceedings. The person with the debts is called the debtor and the people or companies to whom the debtor owes money are called creditors.
== See also ==
*[[Bankruptcy code]]
[[category:legal terms]]