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Today's Terms
Debtor
Definition:
The entity seeking protection from creditors under the bankruptcy laws.
Chapter Seven
Definition:
Liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. (Individuals may file Chapter 7 also.)
Garnishment Laws
Definition:
Unsecured creditors in relation to garnishment laws do not hold any collateral that they can take from you if you fall behind on your payments.
More Bankruptcy Terms >
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