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Bankruptcy Procedure
The legal process governed by federal law that allows individuals or businesses unable to meet their financial obligations to discharge or reorganize their debts.
Chapter 11
A provision of the United States Bankruptcy Code that allows for reorganization of a debtor's business affairs and assets.
Reorganization
A process by which a company or entity changes its structure, operations, or financial setup, often to recover from financial distress or improve efficiency.
Liquidation
The process of closing a business and distributing its assets to claimants, typically when it is insolvent.
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