Chapter 7

(redirected from Chapter 7 Bankruptcy)
Also found in: Dictionary, Financial.

Chapter 7

(US) the statute regarding liquidation proceedings that empowers a court to appoint a trustee to operate a failing business to prevent further loss.
References in periodicals archive ?
A Chapter 7 bankruptcy is a liquidation of non-exempt assets, says William E.
The bill is drawing attention because it has the potential to clamp down on the ease of filing for Chapter 7 bankruptcy.
Rod Griffin, public affairs manager for Experian credit agency, says many consumers don't realize that a Chapter 7 bankruptcy will remain on a credit report for 10 years, while a Chapter 13 bankruptcy will stay for seven years.
In a chapter 7 bankruptcy proceeding, the Fifth Circuit in In re West Texas Marketing, 54 F3d 1194 (1995), reached a similar decision that unsecured interest was not deductible under Bkr.
Is a trustee of a Chapter 7 bankruptcy estate entitled to deduct expenses of administering the estate "above the line," as a deduction from gross income under Sec.
The new bankruptcy act taking effect October 17th will make it substantially harder for individuals to qualify for bankruptcy protection under a Chapter 7 bankruptcy, opening the door to creditors to adopt more aggressive negotiations and collect more debt in the next two weeks, according to Nick Iezza, attorney with Spiwak & Iezza (www.
In Chapter 7 bankruptcy cases, the election is valid only with the written consent of the bankruptcy trustee.
Through the use of a "means test," the Trustee or any creditor can now bring a motion to dismiss a Chapter 7 bankruptcy if the debtor's income is greater than the state median income.
However, haphazard results will occur unless the tax practitioner knows whether a Chapter 13 or a Chapter 7 bankruptcy is suitable for his client.
The law makes it more difficult for filers to qualify for Chapter 7 bankruptcy, leaving repayment plans under Chapter 13 as their only option.
Congress recently passed sweeping changes to the Bankruptcy Code, designed to restrict the availability of a discharge in Chapter 7 bankruptcy and substantially reduce the relief available in Chapter 13 bankruptcy.
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