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Why and in what way are fiscal policy lags different from monetary policy lags?
Automatic Stay
A legal provision that halts lawsuits, foreclosures, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.
Repossess
The act of a lender taking back property from the borrower, typically due to failure to meet the terms of the loan agreement, such as defaulting on payments.
Chapter 7 Bankruptcy
A legal process that allows individuals or businesses to have their unsecured debts forgiven or discharged under U.S. bankruptcy law.
Creditors' Meeting
A gathering of the creditors of a debtor, often during bankruptcy proceedings, to discuss matters pertaining to their interests.
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