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Personal Bankruptcy is when a court trustee administers the estate (the property and other assets) of a debtor for the benefit of creditors.

A debtor is a person or business who owes money to others. A debtor may choose to file a bankruptcy proceeding, and use a bankruptcy attorney or lawyer to resolve a hopeless financial situation, or to put off the collection of debts for a period of time to allow for financial reorganization.

Consumers or businesses may file for bankruptcy.