What exactly is bankruptcy?

NJ Bankruptcy Law FAQ

Q) What exactly is bankruptcy?

A) Bankruptcy is a legal process which allows an individual or business entity to obtain a fresh start financially.  Typically, a person who wishes to file for bankruptcy has accumulated a significant amount of debts that he or she is unable to pay.  The bankruptcy laws in the United States are federally controlled, which means any and all bankruptcy cases are handled in Federal Court.

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