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Bankruptcy is a way to relieve most of a company or an individual’s debts. There may also be an option under the bankruptcy law that allows all debts to be discharged depending on the status of the company or individual applying for it. Bankruptcy laws impose guidelines for applicants filling bankruptcy. The application must be filed in a federal bankruptcy court whose jurisdiction covers the location of the company or area where the individual resides. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 requires credit counseling for all bankruptcy applicants. A credit counseling certificate must be obtained 180 days prior to filing of bankruptcy. There are other requirements needed based on which bankruptcy type is being applied for.
