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What is a SNP?
Chapter 7 Bankruptcy
A provision of the bankruptcy code that allows individuals and businesses to discharge or eliminate most of their debts through the liquidation of assets.
Debtor's Property
Assets belonging to a debtor that may be used to pay off creditors.
Preferential Payment
A payment made by an insolvent debtor that gives preferential treatment to one creditor over another.
Voluntary Petition
A legal document filed by an individual or entity declaring their intent to undergo bankruptcy proceedings under their own accord.
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