Chapter 7 Bankruptcy Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Chapter 7 Bankruptcy, written in plain English, along with examples of how it is used.

What is Chapter 7 Bankruptcy?

It is also a form of filing for bankrupcy where the debtor asks for liquidation of his/her assets and the law sells his assets and properties , the sale proceed of which is used to payoff the creditors due.