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Creditors' Claims
The rights or assertions by creditors to receive payment or compensation from a debtor's estate.
Chapter 7
A provision of the U.S. Bankruptcy Code that deals with liquidation, the process of selling a debtor's non-exempt property to pay off creditors.
Bankruptcy Code
The Bankruptcy Code is the set of laws that govern bankruptcy in the United States, providing procedures for individuals and businesses to discharge or reorganize their debts.
Liquidation Proceedings
A legal process during which a business closes operations, sells its assets, and pays off creditors, typically in the context of bankruptcy.
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