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Today's Terms
Voluntary bankruptcy
Definition:
Bankruptcy filed by the debtor itself; data from the U.S. Administrative Office of the Courts subdivides bankruptcies into voluntary and involuntary.
Chapter Seven
Definition:
Liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. (Individuals may file Chapter 7 also.)
Chapter Twenty
Definition:
An unofficial term describing the filing of a Chapter 7 proceeding followed by a Chapter 13.
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