Bankruptcy is an official process when a person or his untaken business unable to reimburse the overdue debts. The person who is in debt is called the debtor and the person to whom the debtor has to pay the money is called the creditor. Voluntary and involuntary are the two types of bankruptcy.

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Bankruptcy is a process established by a set of federal laws. There are two main parties involved in a bankruptcy petition: the debtor and the creditor. The debtor refers to the party that owes the debt.

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