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Define the following terms: Primrose League
Liquidation Bankruptcy
A type of bankruptcy proceedings where a debtor's assets are sold off to pay creditors, primarily under Chapter 7 of the Bankruptcy Code.
Bank
A bank is a financial institution licensed to receive deposits, offer loans, and provide other financial services, like wealth management.
Straight Bankruptcy
Another term for Chapter 7 bankruptcy, where the debtor's non-exempt assets are sold to pay off unsecured debts.
Petition
A formal written request to a court requesting a specific legal action.
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