Chapter 7
/ˈtʃæptər sɛvən/
Definitions
- (n.) A chapter of the U.S. Bankruptcy Code governing liquidation bankruptcy for individuals and businesses.
She filed for relief under Chapter 7 to discharge most of her debts.
Related terms
See also
Commentary
Chapter 7 specifically refers to liquidation bankruptcy and differs substantially from reorganization bankruptcies such as Chapters 11 and 13.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.