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.
- ‘Under Chapter 7, a trustee is appointed by the court to liquidate a debtor's assets.’
- ‘On Monday, he had decided to file for Chapter 7 at the end of the week.’
- ‘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.’
- ‘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.
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