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Explain how a change in open market operations can affect a new college graduate.
Chapter 7 Bankruptcy
involves the liquidation of a debtor's non-exempt assets by a trustee to pay creditors, part of the U.S. Bankruptcy Code.
Chapter 13
refers to a part of the U.S. Bankruptcy Code that enables individuals with a regular income to develop a plan to repay all or part of their debts.
Chapter 7
A provision of the bankruptcy code that provides for "liquidation," whereby a debtor's assets are distributed to creditors.
Repayment Plan
A structured schedule agreed upon for paying back borrowed money.
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