One of the mysteries of the English language finally explained.
Protection from creditors granted to individuals or companies who legally file for bankruptcy, providing for liquidation of certain assets to pay debts.
- ‘Most select Chapter 7, the version that allows them to sell assets to pay off creditors.’
- ‘On Monday, he had decided to file for Chapter 7 at the end of the week.’
- ‘Under Chapter 7, a trustee is appointed by the court to liquidate a debtor's assets.’
- ‘They hired a bankruptcy lawyer and filed for Chapter 7, freeing them from debt but eviscerating their credit for seven to ten years.’
- ‘Individuals who file under Chapter 7 now will still be able to use the old rules, which is why there's been a rush to the courthouse.’
With allusion to Chapter 7 of the US bankruptcy code.
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