Chapter 7


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Related to Chapter 7: Chapter 11

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 ?
Chapter 7, "Games and Explorations III: Monkeying Around with the Voice," is about a position or posture referred to as the "monkey" in which all the parts are in dynamic balance, thus being at a mechanical advantage to the singer.
Chapter 7, "Making the Piece Reliable," focuses on defining the task, the miserable beginning stages of learning a new piece, how we play games with ourselves while learning a new piece and so forth.
Chapter 7, "Managing Your Daily Practice," reviews a three-day practice organizer and gives strategies for better managing one's practice time.
The primary goal of Chapter 7 is to provide debtors with a fresh start by discharging their debts.
Individuals may seek Chapter 7 relief every six full years.
Debtors who file for Chapter 7 relief are allowed to keep some property--called exempt property--and still obtain a discharge of their debts.
Unless paid, government priority claims survive a Chapter 7 or a Chapter 13 bankruptcy.
Certain government priority tax claims survive either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.
Even though the circumstances listed are not elevated to government priority claims, they do survive a Chapter 7 bankruptcy.
Chapter 7, the previous choice by most individuals, requires the liquidation of assets and the payment of a trustee, which adds more costs to the debtors.
And if he was required to file in Chapter 7, Lehman said, he could "lose everything.
Chapter 7 filings, the law says, may be used by all debtors except railroads, banks and insurance companies.
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