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Added by The Recruiter in Financial
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Description

If you are considering bankruptcy, then you should understand the two common types of bankruptcy.

* Chapter 7 Bankruptcy entails that certain assets of the debtor will be liquidated to pay the creditors. At the end of the process, most of the debtor's debt is cancelled.

* Chapter 13 Bankruptcy is designed for individuals with regular income and involves a debt payment plan based on the debtor's income with terms extended over three to five years, after which any unpaid debt is eliminated....Read More

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