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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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