Meaning of “Chapter 7” in the English Dictionary

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"Chapter 7" in Business English

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Chapter 7noun [ U ]

uk us

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)