Chapter 7


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Related to Chapter 7: Chapter 11

Chapter 7

In the United States, a type of bankruptcy where a person's or company's assets are required to be liquidated. The court appoints a trustee, who may or may not be a part of the company, to oversee the liquidation process. If a company files for chapter 7, it ceases operations. The company's creditors receive the proceeds from liquidation according to the system of absolute priority; that is, secured creditors are paid first, then if anything is left unsecured creditors are paid, then preferred stockholders, and finally common stockholders. A company files for chapter 7 proceedings when its management believes that reorganizing according to a court-mandated plan would not result in the company becoming profitable.

Chapter 7

A bankruptcy option in which a bankrupt firm is liquidated after the courts have determined that reorganization is not worthwhile. A trustee is charged with liquidating all assets and distributing the proceeds to satisfy claims in their order of priority. In Chapter 7 bankruptcies the creditors often receive a fraction of the value of their claims and the stockholders receive nothing.
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.
If a debtor fails to meet these deadlines, the act directs the court to dismiss the Chapter 13 plan or convert it to Chapter 7, whichever is in the best interests of the creditors and the estate.
Chapter 7. The primary goal of Chapter 7 is to provide debtors with a fresh start by discharging their debts.
Unless paid, government priority claims survive a Chapter 7 or a Chapter 13 bankruptcy.(3) Certain government claims for taxes, interest and penalties survive a Chapter 7 bankruptcy but are discharged in a Chapter 13 bankruptcy.(4) Finally, government tax liens attaching before the bankruptcy filing date generally survive any Chapter 7 or Chapter 13 bankruptcy discharge of taxes, penalties and interest.(5)
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.
These tax claims survive both chapter 7 and chapter 13 filings:
Chapter 7, "British Naturists," reviews works by Englishmen such as Thomas Hardy's Under the Greenwood Tree (1872), W.
Schlein and Jacobson (chapter 7) and Halevy (chapter 8) discuss the evolution of the Trypanosomatidae, based on common cellulase and ergosterol profiles.
In the author's conclusion of Chapter 7, he makes some very interesting points on the overt and covert dynamics of day to day interactions of the staff and residents.
Dillon's transition to chapter 7, then, effortlessly modulates her theme on the use of staged languages to a higher key.
Chapter 7, the Q and A, is perhaps one of the best since these are questions that many managers may have before implementation and compliance.
Chapter 7 details the popularity of images of Veronica's veil.
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