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Suppose that you are sitting in a cafeteria, trying to focus on a comment from a student on your left, while a student on your right is talking to a friend. This situation resembles the laboratory setup known as
Settlement
An agreement reached between parties in a dispute, where they resolve their differences without going to court.
Chapter 7
A provision of the U.S. Bankruptcy Code that provides for the liquidation of a debtor's assets to pay off creditors.
Chapter 11
A chapter of the United States Bankruptcy Code that permits reorganization under the bankruptcy laws of the United States.
Chapter 13
A section of the U.S. bankruptcy code allowing individuals earning a regular income to develop a plan to repay all or part of their debts.
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