Definition of Chapter 7 in English:

Chapter 7


  • Protection from creditors granted to individuals or companies who legally file for bankruptcy, providing for liquidation of certain assets to pay debts.

    • ‘Under Chapter 7, a trustee is appointed by the court to liquidate a debtor's assets.’
    • ‘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.’
    • ‘They hired a bankruptcy lawyer and filed for Chapter 7, freeing them from debt but eviscerating their credit for seven to ten years.’
    • ‘On Monday, he had decided to file for Chapter 7 at the end of the week.’
    • ‘Most select Chapter 7, the version that allows them to sell assets to pay off creditors.’


With allusion to Chapter 7 of the US bankruptcy code.