Chapter 7 bankruptcy
A consumer liquidation bankruptcy proceeding in which the trustee sells any nonexempt property the debtor owns and distributes the proceeds to the debtor's creditors. At the end of a Chapter 7 case, many or all of the debtor's debts are discharged.
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy

Nolo’s Plain-English Law Dictionary. . 2009.

Look at other dictionaries:

  • 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 7 bankruptcy —    Liquidation or straight bankruptcy, the most familiar sort, in which many or all debts are discharged (i.e., wiped out) completely in exchange for an individual s or business nonexempt property. Proceeds are distributed to creditors. Chapter 7 …   Business 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 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

  • 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

  • Chapter 7, Title 11, United States Code — Bankruptcy in the United States Bankruptcy in the United States Authority · History U.S. Trustee Court  …   Wikipedia

  • Chapter 7 — Provisions of the Bankruptcy Reform Act ( bankruptcy) under which the debtor firm s assets are liquidated by a court because reorganization would fail to establish a profitable business. Bloomberg Financial Dictionary * * * Chapter 7 ˌChapter ˈ7… …   Financial and business terms

  • 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

  • bankruptcy, Chapter 7 — n. Straight bankruptcy; a proceeding that liquidates property, pays off debts, and leaves the debtor discharged. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 …   Law dictionary

  • Chapter 7 case trustee — USA Always appointed in Chapter 7 cases as the sole official representative of a Chapter 7 debtor s estate. Case trustees are charged with collecting and liquidating the debtor s non exempt assets, distributing the proceeds to creditors,… …   Law dictionary

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