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Today's Terms
Automatic stay
Definition:
The suspension of actions, such as debt collection or foreclosure, against the company in bankruptcy. Occurs automatically when the bankruptcy petition is filed.
Chapter Thirteen
Definition:
Bankruptcy proceedings for an individual with the intention of rescheduling the individual's debt (rather than liquidating the individual's assets and debt; an individual files under Chapter 7 to liquidate);
Chapter Twenty Two
Definition:
An unofficial term describing a company that has filed for Chapter 11 twice.
More Bankruptcy Terms >
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