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Bankruptcy is a legal proceeding that allows individuals or businesses to reorganize or eliminate their debts when they are unable to pay them. In the United States, declaring bankruptcy can provide several benefits, including:

1. Relief from creditor harassment and lawsuits
2. Cost savings through reduced debt payments and collection efforts
3. Potential for new business opportunities or partnerships
4. A fresh start with a clean slate, free from the burden of debt

Becoming bankrupt can have both positive and negative effects on an individual's credit score and financial future. It is essential to carefully consider the pros and cons before making this decision.

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