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Bankruptcy Terminology

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ADVERSARY PROCEEDING

A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the bankruptcy court.

 

ASSUME

An agreement to continue performing duties under a contract or lease.

 

AUTOMATIC STAY

An injunction that automatically stops lawsuits, foreclosure, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.

 

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A decision about personal bankruptcy can affect your life for the next 10 years. Be informed and take some time to educate yourself about this very important step in your financial life.

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