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"Bankruptcy" Glossary Term

Bankruptcy is when someone or a business gets legal help when they cannot handle their bills anymore as a way to wipe them clean. There are a couple of different kinds: Chapter 7 bankruptcies are when the debts are discharged and Chapter 13 is when the debt is restructured so it can be paid off in a period of time under supervision. Bankruptcy puts a black mark on a credit record for up to seven years, making it very hard to get more loans or credit.

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