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Chapter 7 Proceedings |
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Chapter 7 Proceedings Provisions of the Bankruptcy Reform Act under which the debtor firm's assets are liquidated by a court because reorganization would fail to establish a profitable business. |
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Two of the alternatives available to many individual taxpayers are chapter 7 proceedings (liquidations) and those under chapter 13 (debt adjustments for individuals with regular incomes). |
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Chapter 7 Proceedings
