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What are the main purposes of bankruptcy for those who cannot pay their debts?

For individuals who cannot pay their debts—called “debtors”—bankruptcy has two main purposes. First, bankruptcy operates to give the people who are owed money—the creditors—a fair share of the money that the debtors can afford to pay back. Second, bankruptcy operates to give the debtors a fresh start, by canceling many of their debts, through an order of the court called a “discharge.”
 

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