Chapter 7

Definition of "Chapter 7"
  1. A section in the U.S. Bankruptcy Code that enables personal and business debtors to liquidate their debts in a legal manner
How to use "Chapter 7" in a sentence
  1. To clear his enormous debts, he filed a case under Chapter 7.
  2. Debts related to taxes are often not dischargeable under Chapter 7 bankruptcy process.
  3. The court approved the company's Chapter 7 filing, thereby allowing the liquidation of its assets.

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