chapter 19 vocabulary
Terms
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- is a legal process that relieves debtors of the responsibility of paying their debts or protects them while the try to repay
- bankruptcy
- is a loan that is not backed by pledged assets
- unsecured debt
- occures when creditors file a petition with the court asking the court to declear you
- involuntary bankruptey
- the most common kind occurs when you file petition with a federal court asking to be decleared bankrupt
- voluntary bankruptcy
- are debts erased by the court during payment for these debts however some debts cannot be discharged
- discharge debts
- is a reorganization form of bankruptey for business that allows them to continue operating under court supervision as they repay their restructured debts
- chapter 11 bankruptcy
- is a liquidation form of bankputcy for individuals thst wipes our most debts in exchange for giving up assets
- chapter 7 bankruptcy
- is the possessions that the bankrupt debtoris allowed to keep because they are considered necessary for survival
- exempted property
- is a regorganization form of bankrupt for individuals that allows debtors to keep their property and use their income to pay a portion of their debts over three to five years
- chapter 13 bankruptcyt
- the agreement to repay discharge debts
- reaffirmation