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The highest rank amongst creditors; he who gets paid in full before any other creditor.
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To make void forever; to cancel an event or judicial proceeding both retroactively and for the future so that in the eyes of the law, it never occurred.
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In bankruptcy law; a stay of collection and other similar debt enforcement proceedings against a bankrupt.
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A corporation empowered to deal with cash, domestic and foreign, and to receive the deposits of money and to loan those monies to third-parties.
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A person who has legally declared bankruptcy.
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The formal condition of an insolvent person being declared bankrupt under law.
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An officer generally appointed by the court, who takes over the assets of a bankrupt to the benefit of creditors.
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One of two or more debtors who are primarily liable to the same debt.
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A stay upon the debt enforcement or collection upon a co-debtor.
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Debt incurred by an individual primarily for a personal, family, or household purpose.
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A term of bankruptcy law designating debtors who have debts under a prescribed amount.
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A summary form of bankruptcy for qualified individuals.
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In a bankruptcy proceeding, forcing a secured creditor to lose his collateral and instead to take a specified cash payment.
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A person to whom money, goods or services are owed by the debtor.
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An amount of money due and payable, from one person to another.
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A person who owes money, goods or services to another, the latter being referred to as the creditor.
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The sale of real property secured by a mortgage, in order to satisfy an outstanding loan.
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A person not able to pay his or her debts as they become due.
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The converting of the the assets of a person into cash.
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Expenses reasonably necessary to maintain health and well-being, to enjoy life's activities, and the capacity to earn money.
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To stop; to suspend; also known as a stay of proceedings; when a law suit is suspended either indefinitely or until the occurrence of a condition imposed by the court.
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A term of American bankruptcy law which precludes a debtor from availing him or herself of bankruptcy protection.
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A payment to a public authority, required by statute, for a public purpose.
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