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Today's Terms
Straight bankruptcy
Definition:
An informal term for a Chapter 7 bankruptcy or liquidation; used more commonly to describe liquidation before the Bankruptcy Reform Act of 1978.
Asset
Definition:
An economic resource or item owned by a business that is expected to benefit its future operations.
Chapter Twelve
Definition:
Family farmer bankruptcies; created by Congress in 1986 (Chapter 12 became effective on November 26, 1986 and is now a permanent Chapter of the Bankruptcy Code); only a family owned farm business can qualify for Chapter 12
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