Chapter 7 - Individual Bankruptcy

Chapter 7 - Individual Bankruptcy
A petition designed to liquidate the debtor's property, pay off his or her creditors, and discharge the debtor from his or her other debts (Legal Dictionary: Bankruptcy Law)

United Glossary of Bankruptcy Terms 2012.


Glossary of Bankruptcy.

Look at other dictionaries:

  • Chapter 7 (liquidation) bankruptcy — See bankruptcy proceedings (straight bankruptcy) …   Black's law dictionary

  • Chapter 12 (farmer) bankruptcy — See bankruptcy proceedings (family farmer bankruptcy) …   Black's law dictionary

  • Chapter 11 (reorganization) bankruptcy — See bankruptcy proceedings (business reorganizations) …   Black's law dictionary

  • 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,… …   Glossary of Bankruptcy

  • Chapter 11 — reorganization proceedings, generally for business entities. The debtor maintains control of the business in Chapter 11, unless the Court appoints a trustee (Glossary of Common Bankruptcy Terms) A reorganization proceeding in which the debtor may …   Glossary of Bankruptcy

  • Chapter 12 — family farmer bankruptcies. This was created by Congress in 1986 (Chapter 12 became effective on November 26, 1986). Only a family owned farm business can qualify for Chapter 12 and it must have debt less than $1.5 million and have 50% of its… …   Glossary of Bankruptcy

  • Chapter 10 — a new chapter of the bankruptcy code proposed in 1992 and pending in 1993. Chapter 10, like Chapter XI of the old code, is designed for small business reorganizations. (Common Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • Chapter 7 bankruptcy — 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). What s up with the new bankruptcy law? United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • Chapter 15 — the chapter of the Bankruptcy Code dealing with cases of cross border insolvency. It was formerly known as Section 304 (Glossary of Common Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • Chapter 9 — is similar to Chapter 11 but is limited to municipalities and public agencies. (Bernstein s Dictionary of Bankruptcy Terminology) bankruptcies of municipalities; only a few of these are filed each year; over the period 1993 through 2002 there… …   Glossary of Bankruptcy

  • 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

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.