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What is the purpose of Chapter 7 of the Bankruptcy Reform Act?
Accounts Payable
Liabilities of a business arising from credit purchases from suppliers, displayed on the company's balance sheet as money owed.
Assets Sold
The sale of company assets, which could include equipment, properties, or other resources owned by the company.
Owner's Equity
The residual interest in the assets of an entity after deducting liabilities, representing the ownership interest.
Liabilities
Financial obligations owed by a business to creditors, including loans, accounts payable, and any other debts.
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