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Chapter 7 Bankruptcy
Also known as: BK7
Definition: The chapter of the Bankruptcy Code that details and provides for the court-administered liquidation of the assets of a financially troubled individual or business.
Bankruptcies and credit reports: Bankruptcies will remain on one’s credit report for a period of 10 years, although accounts covered under the bankruptcy may remain on the report for a shorter period, typically 7 years.
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