Chapter 7 Meaning in the Cambridge English Dictionary
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Meaning of “Chapter 7” in the English Dictionary

"Chapter 7" in Business English

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Chapter 7noun [U]

uk   us  
LAW, FINANCE a ​part of the US ​lawdealing 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 ​owedmoney): They filed for Chapter 7 ​bankruptcy. A Chapter 7 ​bankruptcycase 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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