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| Resources for Entrepreneurs | Entrepreneur's Glossary | ||||
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Chapter 7
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Definition of Chapter 7Chapter 7 is the part of the Bankruptcy Code that provides for liquidation of a company's assets.
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. If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.
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