chapter seven
Debt liquidation filing
Chapter Seven refers to the section of U.S. bankruptcy law governing liquidation—the selling of a debtor's assets to pay creditors.
When someone files Chapter Seven, they're seeking relief from debts they cannot pay, typically resulting in discharge of most obligations.
The term often appears as shorthand for personal financial collapse: The business went Chapter Seven last year.
- bankruptcyLegal status when insolvent
- bankruptcy courtVenue for debt proceedings
- sectionDistinct divided part
- bookBound written work
- novelNew and unusual
page turner · verse · installment · division · fresh start · clean slate · debt · debt relief · means test · filing · court · creditor · reorganization · protection · episode · part · passage · segment
- Exile BooksDaniel, Ezra, Nehemiah, Book of Daniel, Babylonian exile