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Bankruptcy Protection

Definition - What does Bankruptcy Protection mean?

When an individual or organization files for bankruptcy under United States bankruptcy laws, they become entitled to bankruptcy protection. This prohibits creditors from taking any adverse actions against the debtor(s) while they reorganize their finances.

Justipedia explains Bankruptcy Protection

It's common for creditors to harass, intimidate, or pressure a debtor who fails to pay their debts by means such as repossessions, lawsuits, and foreclosure. If an individual or organization files for bankruptcy, this allows them to go through the process of reorganizing their finances while at the same time being protected from their creditors. This protection is referred to as bankruptcy protection.

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