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English definition of “Chapter 7”

Chapter 7

noun [U]
 
 
LAW, FINANCE a part of the US law dealing with bankruptcy in which a person or company's property may be taken by a court and sold in order to pay back debts to the creditors (= the people who are owed money): They filed for Chapter 7 bankruptcy. A Chapter 7 bankruptcy case does not involve filing a plan of repayment, as is the case with Chapter 13.
(Definition of Chapter 7 from the Cambridge Business English Dictionary © Cambridge University Press)
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