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The goal of bankruptcy is to extend help to individuals and companies facing tough financial challenges. The economic recession has put a lot of strain on many businesses leaving it with huge debts to pay off. Bankruptcy laws are implemented to save these companies from financial crisis it is facing. Bankruptcy can either free a company or individual from all its debts (under Chapter 7) or it can assist it to get back its financial control by applying for a re-organization plan (under Chapter 11). The government, however, has to ensure that everyone will abide by its bankruptcy laws. There are certain policies created to protect the company (or individuals) as well as creditor or financial institutions.