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Automatic Stay
After bankruptcy has been filed, a moratorium during which creditors cannot bring or continue action against the debtor or his or her property.
Discharging Debts
The process of eliminating debts through various means, such as bankruptcy or fulfillment of payment terms.
Automatic Stay
A provision in bankruptcy law that halts actions by creditors to collect debts from a debtor who has declared bankruptcy, providing temporary relief.
Payment Plan
An agreement between a debtor and creditor that outlines how a debt will be paid off through scheduled installments over a period of time.
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