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Glossary > C > "Chapter 7" Definition

Chapter 7

A bankruptcy proceeding where a company stops all operations and goes completely out of business. A trustee is appointed to liquidate (sell) the company"s assets, and the money is used to pay off debt.

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Chapter 7 - A bankruptcy proceeding where a company stops all operations and goes completely out of business. A trustee is appointed to liquidate (sell) the company"s assets, and the money is used to pay off debt.

Chapter 7 : a bankruptcy proceeding where a company stops all operations and goes completely out of business. a trustee is appointed to liquidate (sell) the company"s assets, and the money is used to pay off debt.