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What happens during the bankruptcy process?
Becoming bankrupt is an option that should be avoided as far as possible because of how difficult it can be to recover from it afterwards. Bankruptcy usually occurs in one of two ways. Either a person declares themselves bankrupt because they are unable to pay debts, or a creditor applies to make someone bankrupt because they are owed more than 750 by them and have been unsuccessful in their attempts to reclaim the owed money.