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Today's Terms
Bankruptcy Court
Definition:
The federal tribunal where cases under the Bankruptcy Code are litigated.
Foreclosure
Definition:
Your mortgage lender may start a foreclosure action and sell your home at a Sheriff's sale. If the sale nets less than you owe, there will be a "deficiency balance" that you will own to the lender.
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).
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