chapter 7

noun

1. the statute regarding liquidation proceedings that empowers a court to appoint a trustee to operate a failing business to prevent further loss

Word History and Origins

Origin of chapter 7¹

C20: from chapter 7 of the Bankruptcy Reform Act (1978)

Example Sentences

Court records show that she filed for Chapter 7 bankruptcy protection in 2017 and has multiple debt collections cases pending against her.

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Federal court records show that Buzzard filed for Chapter 7 bankruptcy in 2017 and has had at least five collections cases for unpaid debts filed against her in Santa Barbara County Superior Court.

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Tricolor caught creditors off guard when it filed for Chapter 7 bankruptcy last month.

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Earlier this month, the Burbank-based nonprofit filed for Chapter 7 bankruptcy in Delaware court, saying it had $284,823 in liabilities, which include staff member salaries, insurance payments and credit card debt.

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In September, auto-lender Tricolor Holdings filed for a Chapter 7 liquidation.

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