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Chapter 7 Bankruptcy
A category of personal bankruptcy where the courts will forgive most personal debts such as credit card bills, medical bills, and personal loans. The courts may but does not always require the forfiture of assets to repay these loans. In 2005 a bankruptcy reform law was passed making it more difficult for people with above median income to file chapter 7 bankrupcy. People with higher incomes will now be forced to file chapter 13 bankruptcy.
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