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Explain the median-voter theorem.
Trustee
An individual or organization appointed to manage assets on behalf of others, often in cases of bankruptcy or for a trust.
Chapter 7 Petition
a legal process in the United States bankruptcy law allowing individuals or businesses to declare bankruptcy, leading to the liquidation of assets to pay off debts.
Median Income
Median income is the value separating the income distribution of a group into two equal groups: half the members earning less and half earning more than this value.
Bankruptcy Abuse
Activities that exploit the bankruptcy system in a deceitful or fraudulent manner to gain undue advantage or evade debt obligations.
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