The chapter of the Bankruptcy Code providing for "liquidation," that is, the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors. In order to be elig [..]

Under U.S. insolvency laws Chapter 7 deals with involuntary liquidation, where creditors petition to have a debtor judged insolvent by a court. It gives wide powers to a court-appointed interim trustee to operate the debtor business to prevent loss.

Definition The part of the U.S. Bankruptcy Code describing the liquidation of a company after bankruptcy.

is a quoted chapter of the United States Bankruptcy Code, and is often a blanked term used for an individual or company that has gone bankrupt. It more specifically refers to a form of bankruptcy that [..]

chapter 7 of the U.S. Bankruptcy Code see also Bankruptcy Code in the Important Laws section

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.

That portion of the federal bankruptcy code that deals with business liquidations.

A U.S. bankruptcy law that allows an individual or corporation to sell assets in order to pay off debts.

Chapter 7 refers to a section of the U.S. Bankruptcy Code that defines a type of court protection for insolvent individuals or entities. In Chapter 7 bankruptcy filings, the insolvent entity's pr [..]

refers to the section of U.S. bankruptcy law under which companies and individuals liquidate their assets in order to repay their debts.

Individuals, partnerships or corporations can file bankruptcy under Chapter 7. Most companies do not file Chapter 7 until they've been unsuccessful with a Chapter 11 filing, which lets them attem [..]

A provision of bankruptcy laws wherein a company is require to liquidate its assets to pay of its creditors.

A debtor (individual) is declared bankrupt, and a court-appointed trustee initiates a liquidation process and a discharge of all eligible debts. The debtor has no financial sources to attempt a reorga [..]

Also called liquidation, this is the most common type of bankruptcy proceeding. It involves the appointment of a trustee who collects the nonexempt property of the debtor, sells it and then distribute [..]

The chapter of the Bankruptcy Code providing for "liquidation," that is, the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors. In order to be elig [..]

 the section of the Bankruptcy Code that outlines the process for asset liquidation.

The US Bankruptcy law is divided into different “chapters” each …

Part of the U.S. Bankruptcy Code allowing the liquidation of all of a debtor’s nonexempt assets to pay creditors; i.e., sale of property. Related Topics Bankruptcy