November 18, 2018  
 
  Articles for Entrepreneurs  
 

Chapter 7

 

 
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Definition of Chapter 7

Chapter 7 is the part of the Bankruptcy Code that provides for liquidation of a company's assets.
(Definition continues below)

Companies that file for Chapter 7 are essential closing up shop. The bankruptcy trustee takes control of the entity, assets are liquidated, and creditors that file a claim are paid pro rata out of the proceedings.

Chapter 7 References On This Site

These Gaebler.com articles mention this glossary term:

  • How to File for Bankruptcy - Federal law generally allows for two different kinds of business bankruptcy: Chapter 7 and Chapter 11...
  • How to File for Bankruptcy - Federal law generally allows for two different kinds of business bankruptcy: Chapter 7 and Chapter 11...

 

 

 

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