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Straight Bankruptcy
A term sometimes used for Chapter 7 bankruptcy in the United States, where a debtor's assets are liquidated to pay off creditors.
Voluntary Petition
A document filed by an individual or business entity initiating bankruptcy proceedings under their own accord.
Chapter 7
A provision of the bankruptcy code that allows for liquidation of a debtor's assets to pay off creditors.
Involuntary
Occurring without an individual's consent or will.
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