Chapter 7

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.

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