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Chapter 13
A portion of the U.S. Bankruptcy Code permitting individuals earning a steady income to devise a strategy for repaying their debts either in full or in part.
Liquidation Proceeding
A legal process in which a company's assets are sold off to pay creditors.
Chapter 7
A section of the United States Bankruptcy Code that involves the liquidation of a debtor's assets to pay off creditors.
Debtor
A person or entity that owes a debt to another, typically financial in nature.
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