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Chapter 7
A provision of the U.S. Bankruptcy Code that involves the liquidation of a debtor's assets to pay off creditors.
Debtors
Individuals or entities that owe money to another party, typically as a result of receiving a loan or credit.
Exemptions
Provisions that allow certain individuals or entities to be excused from observing a particular law or regulation.
Chapter 11
A chapter of the U.S. Bankruptcy Code that provides for reorganization, usually involving a corporation or partnership, allowing the debtor to keep its business alive and pay creditors over time.
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