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The assumption on utility functions that states that, if two bundles are close to each other in the feasible set, then they will be assigned utility numbers that are close to each other as well is called
Chapter 7
A bankruptcy process providing for the liquidation of a debtor's non-exempt assets to pay off creditors.
Automatic Stay
A legal provision that halts lawsuits, foreclosures, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.
Repossess
The act of a lender taking back property from the borrower, typically due to failure to meet the terms of the loan agreement, such as defaulting on payments.
Chapter 7 Bankruptcy
A legal process that allows individuals or businesses to have their unsecured debts forgiven or discharged under U.S. bankruptcy law.
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