Bankruptcy is a legal tool that provides relief to individuals in serious financial trouble and protects their creditors to the extent possible. While in bankruptcy, the debtor's assets and liabilities and assessed. The process allows for a structure within which the debtor is allowed to keep some, and in most cases, all property and ordered to satisfy as many eligible debts as possible, according to an order of priority established by law. Remaining debts are discharged, except those of certain types, like domestic support orders, debt obtained by fraud and most tax debt.
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