chapter 7

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chapter 7

n
(Law) US the statute regarding liquidation proceedings that empowers a court to appoint a trustee to operate a failing business to prevent further loss
[C20: from chapter 7 of the Bankruptcy Reform Act (1978)]
References in periodicals archive ?
Had Kershaw filed for Chapter 7 bankruptcy protection from the start, he would have lost the house, but walked away from the entire debt.
The Personal Bankruptcy Toolkit notes that if Bankruptcy Court determines that a debtor's income level is sufficient to pay off their debts, then the debtor may be involuntarily forced to file for Chapter 13 instead of Chapter 7 bankruptcy.
1398 provisions, if a debtor files a Chapter 7 bankruptcy and an appointed trustee sells the debtor's rental property, that property sale is not reported on the debtor's 1040.
281 BR 600 (WD PA 2002), S shareholders were allowed to retain (1) prepetition dividends and (2) tax refunds stemming from the use of the debtor's pre-petition net operating losses, rather than turning them over to the Chapter 7 bankruptcy trustee for distribution to the debtor's creditors.
Although Stadler involved a Chapter 7 bankruptcy and Mourad Chapter 11, the result was the same.
In the three months ending June 30, Chapter 7 bankruptcy filings in the Central District of California, which includes the San Fernando Valley, jumped nearly 25 percent compared with the same quarter a year ago.
Under the old bankruptcy law, the state determined the personal property debtors were allowed to keep with Chapter 7 bankruptcy provided they'd maintained residency for at least three months.
When a reorganization plan acceptable to the court cannot be negotiated, a Chapter 11 filing can be used for liquidation, similar to a Chapter 7 bankruptcy.
The typical Chapter 7 bankruptcy begins when a distressed debtor contacts an attorney.
Under Chapter 7 bankruptcy, a trustee will take inventory of the symphony's assets - from Copley Symphony Hall and an extensive music library down to the music director's podium - and sell them to pay creditors.
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