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Today's Terms
Trustee
Definition:
An agent of the court who manages the property of the debtor for the benefit of the creditors. The court appoints a trustee in most Chapter 7 cases and in Chapter 11 cases when it determines that the debtor's management should not remain in control.
Asset
Definition:
An economic resource or item owned by a business that is expected to benefit its future operations.
Core proceedings
Definition:
Those proceedings that are inherent in and fundamental to the administration of a bankruptcy case.
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