Which statement best describes what happens when people declare bankruptcy


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Which statement best describes what happens when people declare bankruptcy? Some of their debts can be eliminated, and loan terms are renegotiated with lenders. All of their debts are eliminated, and they are given a fresh start. All of their debts are eliminated, but they have to sell their assets, such as their homes. Some of their debts can be eliminated, but they must agree not to take on more debt.

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Some of their debts are eliminated and loan terms are renegotiated.

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