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Chapter 7 bankruptcy

   Also found in: Wikipedia 0.02 sec.

Chapter 7 bankruptcy

Provision of US federal bankruptcy legislation where a trustee is appointed to run a company in financial difficulties, to prevent further losses. Unlike Chapter 11 bankruptcy, the debtor does not retain control of the company. Chapter 7 deals with companies that can no longer reasonably be expected to trade viably. Before a company is liquidated under the provisions of Chapter 7, it will normally file for protection from creditors under Chapter 11.
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? Mentioned in ? References in periodicals archive
 
Under the old bankruptcy law, the state determined the personal property debtors were allowed to keep with Chapter 7 bankruptcy provided they'd maintained residency for at least three months.
Bankruptcy bureaucracy: with the new law in effect, here's what you ... by Black Enterprise
According to court records, Handal filed for Chapter 7 bankruptcy in 1991.
Chamber chapter by Brown, Rachel / Los Angeles Business Journal
Now under Chapter 7 bankruptcy protection, Granada Hills has about $968,000 in cash and more than $7 million in outstanding bills.
HOSPITAL FUNDS' RETURN ORDERED by Daily News (Los Angeles, CA)
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