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Today's Terms
Bankruptcy estate
Definition:
Generally, the property of the debtor that is subject to the jurisdiction of the bankruptcy court.
Small claims
Definition:
Also sometimes called convenience claims - under a plan of reorganization or liquidation, claims that are small (e.g. in the hundreds or thousands of dollars range) and numerous are often grouped into a single class and settled for cash for administrative convenience.
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.
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