Credit Repair Glossary
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Bankruptcy
A bankruptcy is an official action and legal declaration that an individual, family or entity (such as a business) is no longer able to pay their debts. A party seeking bankruptcy protection is asking for legal protection from their creditors. There are different types of bankruptcy protection agreements, the most common of which are called Chapter 7 and Chapter 13. Congress recently passed bankruptcy reform legislation that greatly favors creditors, making it more difficult for creditors to obtain bankruptcy protection. Bankruptcy is very damaging to your credit; however, in some situations it may be the right option.
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