Examlex
The Constitution divided power between the state and national governments.This division of power is called ____________________.
2005 Bankruptcy Act
A significant reform of bankruptcy law aimed at making it more difficult for individuals to file for bankruptcy protection under Chapter 7 and encouraging Chapter 13 filings.
Chapter 7 Bankruptcy
A legal process allowing individuals to discharge most of their debts and start fresh financially.
Federal Income Tax
A tax levied by the United States federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.
Debtor in Possession
A debtor who retains possession and control of their assets while undergoing a reorganization under bankruptcy law, typically in Chapter 11 bankruptcy proceedings.
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