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Repossess Property
The act of a lender taking back an object, typically a vehicle or real estate, from the borrower due to failure to meet the terms of the loan agreement.
Bankruptcy Proceedings
The legal process through which individuals or entities that cannot repay debts to creditors seek relief from some or all of their debts.
Debtor
An individual or entity that owes money or other obligations to another party, known as the creditor.
Secured Party
A lender or creditor that has a legal interest in the collateral offered by the debtor to secure a loan or other obligation.
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