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Chapter 7 Bankruptcy
A form of bankruptcy that involves the liquidation of assets to pay off creditors.
Unsecured Creditors
Creditors who have provided credit without obtaining specific collateral as security for the loan or credit extended.
Secured Party
An individual or entity that holds an interest in a debtor's property as security for a debt, giving them claims over the property if the debt is not paid.
Creditor
An individual, organization, or entity to whom money is owed by a debtor.
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