Bankruptcy
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Filing bankruptcy is a public act of declaring to the courts the person filing for bankruptcy is insolvent and unable to pay all their bills. Bankruptcy is helpful in restructuring a debtor's debts. Often bankruptcy is used as a strategy to buy more time for a homeowner facing foreclosure to stay in their property longer. However, depending on the type of bankruptcy, bankruptcy can delay a foreclosure but does not necessarily stop the pursuit by the lender to foreclose on the property.
