Definition of Chapter 7:
Protection from creditors granted to individuals or companies who legally file for bankruptcy, providing for liquidation of certain assets to pay debts.
Section of US bankruptcy code under which a debtor or creditor may petition a court to appoint a trustee (receiver) to orderly collect and liquidate the debtors property to satisfy the creditors claims.
How to use Chapter 7 in a sentence?
- Individuals who file under Chapter 7 now will still be able to use the old rules, which is why theres been a rush to the courthouse.
Meaning of Chapter 7 & Chapter 7 Definition