The Ultimate Legal Dictionary
PracticePanther compiled a list of the legal terms and definitions every
attorney, paralegal, and law student needs to know when running a law firm.
Chapter 7
DEFINITION
Bankruptcies are filed under a variety of “chapters” under federal law. In a chapter 7 filing an individual, partnership or corporation files for liquidation of all assets (with certain limited exclusions) which eliminates (discharges) all debt. Under these circumstances there is no repayment plan.
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