Bankruptcy in a nutshell

Photo courtesy of Melissa RaskeyMelissa Raskey, Attorney at Law SBN 219242 ■ By Melissa Raskey / Contributed Bankruptcy is the legal system’s remedy for debts owed to creditors by a person or entity, and that person or entity that owes the debt no longer has the ability to pay. Bankruptcy is governed by the federal law found in Title 11 of the United States Code. As federal law, it supersedes any conflicting state law under the operation of the Supremacy Clause of the Constitution. Bankruptcy is very similar in every state, with the exception of what we call “exemptions.” Exemptions are a set dollar amount provided under the governing law allowing

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