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Bankruptcy allows business that cannot meet their financial obligations to be excused from repaying some or all their debt. There are two types of bankruptcy. In a liquidation bankruptcy, debtors must surrender their property, which is sold, and the proceeds will be distributed to creditors. In return, all debts are permanently discharged. In a reorganization bankruptcy, debtors can keep their property. But the debtors must agree to an installment plan to repay creditors a portion of the amount they owe.