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In the new classical model,________.
Discharged Debt
Debt that has been formally released or forgiven, relieving the debtor of any further responsibility to repay it.
Trustee
An individual or company responsible for managing and overseeing assets or property on behalf of another party.
Chapter 7 Bankruptcy
A provision of the bankruptcy code that allows individuals and businesses to discharge or eliminate most of their debts through the liquidation of assets.
Debtor's Property
Assets belonging to a debtor that may be used to pay off creditors.
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