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Today's Terms
Secured creditors
Definition:
One of two general types of creditors of a company. Secured creditors have a lien on property of the company.
Chapter Twenty
Definition:
An unofficial term describing the filing of a Chapter 7 proceeding followed by a Chapter 13.
Bankrupt
Definition:
The entity that files a bankruptcy; the debtor; the insolvent entity. This is a non-technical term and is not used in the Bankruptcy Code.
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