Bankruptcy Vocabulary
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9 Terms
Bankruptcy
A legal process that allows individuals or businesses to eliminate or repay debts under the protection of the federal bankruptcy court.
Voluntary Bankruptcy
Bankruptcy initiated by a debtor.
Involuntary Bankruptcy
Bankruptcy initiated by creditors.
Insolvent
Unable to pay debts when they are due.
Chapter 7 Bankruptcy
Liquidation bankruptcy for individuals or businesses to sell assets to pay off debts.
Chapter 9 Bankruptcy
Bankruptcy for municipalities (cities, towns, etc.).
Chapter 11 Bankruptcy
Reorganization bankruptcy usually used by businesses to restructure debts.
Chapter 12 Bankruptcy
Bankruptcy for family farmers or fishermen.
Chapter 13 Bankruptcy
Allows individuals with regular income to repay debts over time.
Note 
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