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Chapter 7
A provision of the United States Bankruptcy Code dealing with asset liquidation for the debtor to pay off creditors.
Chapter 11
A provision of the United States Bankruptcy Code that allows businesses to reorganize and restructure their debts in order to remain operational.
Debtor's Obligations
Duties and responsibilities owed by a debtor to a creditor, including repayment of loans or debts under agreed terms.
Discharged
Refers to being released or freed from a contractual or legal obligation or liability.
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