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Bankruptcy is regulated by federal laws, which provide for an orderly adjustment when a person or business becomes insolvent. When one has more debts than assets and has no means of meeting debt payment, he may de¬clare bankruptcy. The interests of both creditors and debtor are given consideration by the court...
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Bankruptcy is regulated by federal laws, which provide for an orderly adjustment when a person or business becomes insolvent. When one has more debts than assets and has no means of meeting debt payment, he may de¬clare bankruptcy. The interests of both creditors and debtor are given consideration by the court...
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General points of the essay
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