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Today's Terms
Garnishment Laws
Definition:
Unsecured creditors in relation to garnishment laws do not hold any collateral that they can take from you if you fall behind on your payments.
Chapter Eleven
Definition:
Reorganization proceedings, generally for business entities; the debtor maintains control of the business in Chapter 11 (unless the Court appoints a trustee).
Debtor
Definition:
The entity seeking protection from creditors under the bankruptcy laws.
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