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Today's Terms
Bankruptcy Court
Definition:
The federal tribunal where cases under the Bankruptcy Code are litigated.
Chapter Seven
Definition:
Liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. (Individuals may file Chapter 7 also.)
United States Trustee
Definition:
An agent of the U.S. Department of Justice appointed to assist in bankruptcy cases. The U.S. Trustee administers many of the duties of the court including appointing committees.
More Bankruptcy Terms >
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