Chapter 7
Chapter 7
liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. Individuals may file Chapter 7 also (Glossary of Common Bankruptcy Terms)

A liquidation proceeding available to individuals, married couples, partnerships and corporations wherein a debtor's nonexempt assets are sold and the proceeds of which are distributed to the creditors (SA-Bankruptcy.com)

The most common form of bankruptcy, a Chapter 7 case is a liquidation proceeding, available to individuals, married couples, partnerships and corporations. (Bankruptcy in Brief)

The chapter of the bankruptcy code that sets forth the provisions relating to liquidation of a debtor's assets. In a Chapter 7 filing, a trustee is appointed to collect and liquidate assets and distribute the proceeds to creditors in accordance with set priorities. (Bernstein's Dictionary of Bankruptcy Terminology)

The chapter of the Bankruptcy Code providing for "liquidation," i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors. (BankruptcyAction.com)

United Glossary of Bankruptcy Terms 2012.

Chapter 7
The chapter of the bankruptcy code that sets forth the provisions relating to liquidation of a debtor's assets. In a Chapter 7 filing, a trustee is appointed to collect and liquidate assets and distribute the proceeds to creditors in accordance with set priorities.

US Bankruptcy 2012.


Glossary of Bankruptcy.

Look at other dictionaries:

  • Chapter 7 — n: chapter 7 of the U.S. Bankruptcy Code see also bankruptcy code in the important laws section Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

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  • Chapter 7 — A bankruptcy proceeding in which a company stops all operations and goes completely out of business. A trustee is appointed to liquidate (sell) the company s assets, and the money is used to pay off debt. The investors who take the least risk are …   Investment dictionary

  • Chapter 7 — /ˌtʃreptə sevən/ noun a section of the US Bankruptcy Reform Act 1978, which sets out the rules for the liquidation of an incorporated company …   Dictionary of banking and finance

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  • Chapter 7 trustee — a person appointed in a Chapter 7 case to represent the interests of the bankruptcy estate and the unsecured creditors (Glossary of Common Bankruptcy Terms) A person appointed in a chapter 7 case to represent the interests of the bankruptcy… …   Glossary of Bankruptcy

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