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Chapter 7 Banking Services Banks Help You Move Your Money 57 STUDENT CLASS DATE Chapter 7 Banking Services Banks Help You Move Your Money 7.1 How Banks Workday Terms Review Define each of the following
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Chapter 7 bankruptcy is a liquidation bankruptcy that allows individuals and businesses to eliminate all or most of their debts.
Individuals and businesses who are unable to repay their debts and meet certain eligibility criteria may file for Chapter 7 bankruptcy.
To file for Chapter 7 bankruptcy, one must gather financial information, complete the necessary forms, attend credit counseling, and submit the paperwork to the bankruptcy court.
The purpose of Chapter 7 bankruptcy is to give individuals and businesses a fresh start by discharging their debts and allowing them to start anew financially.
Information on assets, liabilities, income, expenses, and financial transactions must be reported on Chapter 7 bankruptcy forms.
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