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Bankrupcy can often be less of a financial, emotional and social strain than dealing with calls from collection agencies, wage garnishment and the constant threat of lawsuits.

Bankruptcy is effectively the statutory procedure under federal law by which a person, known as the "debtor" under goes a judicially-supervised liquidation or reorganization.

This process is meant to benefit of those who are owed money - "creditors" - where the debtor is usually relieved of most of his debts through what is called "discharge". The creditors are given a portion of the debtor's liquidated assets.

The word bankruptcy is often misspelled as bankruptsy, bankrupsy, or bankrupcy, among other versions, but all these words mean the same thing.