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Today's Terms
Avoidance power
Definition:
The power of the court to invalidate certain obligations or transactions undertaken by a debtor prior to filing bankruptcy.
Adequate protection
Definition:
The right of a party with an interest in the debtor's property (such as a secured creditor) to assurance that its interest will not be diminished during the bankruptcy proceedings.
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);
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