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Bankruptcy Trustee
An appointed individual who oversees and manages the estate of a debtor during the bankruptcy process, with the power to sell assets and distribute the proceeds to creditors.
Chapter 7 Trustee
An appointed individual in a Chapter 7 bankruptcy case responsible for managing the debtor's estate, including liquidating non-exempt assets to pay creditors.
Exempt Property
Property that cannot be seized by creditors under bankruptcy laws or in judgment enforcement actions to satisfy debts.
Discharge
In legal terms, it refers to the release from obligation, such as debts, responsibilities, or duties.
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