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Bankruptcy Terminology

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LIEN

A charge upon specific property designed to secure payment of a debt or performance of an obligation.

LIQUIDATION

A sale of a debtor’s property with the proceeds to be used for the benefit of creditors.

LIQUIDATED CLAIM

A creditor’s claim for a fixed amount of money.

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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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