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Voluntary Chapter 7
A legal process initiated by an individual or business to declare bankruptcy, allowing for the liquidation of assets to pay off debts.
Exemption
A provision that allows an individual or entity to be excused from a usual requirement or rule.
Insolvent Debtors
Individuals or entities that are unable to meet their financial obligations or repay their debts.
Debts
Money owed by one party to another under an agreement to repay borrowed funds or obtained resources.
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