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Describe the relationship between virtuous and vicious circles.
Judgment Debt
The amount of money that a court has ordered one party to pay another party as a result of legal action.
Exempt Property
Assets that are protected by law from being seized by creditors or during bankruptcy proceedings.
Collateral
Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower fails to make payments.
Creditor
An individual or organization to whom money is owed by a debtor.
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