Helpful Terms

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Bankruptcy
One of the main purposes of bankruptcy legislation is to afford the opportunity to a person, who is burdened with debt, to free a person of the debt and start fresh - "a new lease on life." To go into bankruptcy it is necessary for a person to be insolvent. To be insolvent means to:

Owe at least $1,000;
Not be able to meet your obligations as they become due to be paid; or
Your debts are greater than the value of your assets.