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Involuntary Bankruptcy
A legal process initiated by creditors seeking to have a debtor declared bankrupt by a court, typically when the debtor is unable to pay outstanding debts.
Chapter 7
A section of the U.S. bankruptcy code that involves the liquidation of a debtor's assets to pay off creditors.
Consumer Debt
Financial obligations incurred by individuals primarily for personal, family, or household purposes.
Credit Score
A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual.
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