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Bankruptcy - FAQ’sRead our Frequently Asked Questions for Bankruptcy Advice |
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| 1. | What does bankruptcy mean? |
Bankruptcy means that your financial affairs are administered by your Trustee. In other words, he controls all that you own including your house. Essentially, his duty is to sell all your permitted assets and use the money to pay as much as possible to your various Creditors, that is the people that you owe money to. |
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