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Chapter 7 Bankruptcy
A liquidation form of bankruptcy available to individuals and businesses, resulting in the sale of non-exempt assets to pay creditors and discharge most debts.
Equity
The fair and impartial treatment in justice or the value of ownership interest in a property after debts are subtracted.
Means Test
A method for determining eligibility for certain types of financial assistance based on the individual's income and assets.
Median Income
The middle value of income in a given population, wherein half of the population earns more and half earns less.
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