| 释义 |
Definition of Chapter 7 in US English: Chapter 7noun US Protection from creditors granted to individuals or companies who legally file for bankruptcy, providing for liquidation of certain assets to pay debts. Example sentencesExamples - On Monday, he had decided to file for Chapter 7 at the end of the week.
- 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.
- Under Chapter 7, a trustee is appointed by the court to liquidate a debtor's assets.
- Most select Chapter 7, the version that allows them to sell assets to pay off creditors.
Origin With allusion to Chapter 7 of the US bankruptcy code. Definition of Chapter 7 in US English: Chapter 7noun US Protection from creditors granted to individuals or companies who legally file for bankruptcy, providing for liquidation of certain assets to pay debts. Example sentencesExamples - On Monday, he had decided to file for Chapter 7 at the end of the week.
- 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.
- Under Chapter 7, a trustee is appointed by the court to liquidate a debtor's assets.
- Most select Chapter 7, the version that allows them to sell assets to pay off creditors.
Origin With allusion to Chapter 7 of the US bankruptcy code. |