Chapter 7 bankruptcy

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.

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  • Chapter 13 bankruptcy — The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years (BANKRUPTCY DICTIONARY OF TERMS)/. United… …   Glossary of Bankruptcy

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