Examlex
A purchase decision made with much exertion would be classified as .
Creditor Litigation
Legal proceedings initiated by a creditor to collect debts owed by a debtor who has failed to make payments.
Chapter 7 Bankruptcy
A chapter of the Bankruptcy Code that provides for the liquidation of a debtor's non-exempt assets to pay off creditors.
Automatic Stay
A legal provision that temporarily stops lawsuits, foreclosures, garnishments, and all collection activity against a debtor the moment a bankruptcy petition is filed.
Secured Creditors
Creditors who have a legal right to seize specific assets of the borrower if the borrower fails to repay the debt as agreed.
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