Chapter 7 bankruptcy

{
  "id": "MLC-T-LAW-000933",
  "term": "Chapter 7 bankruptcy",
  "field": "Law",
  "definition": "A form of bankruptcy that involves the liquidation of a debtor's non-exempt assets to pay off creditors. A trustee is appointed to sell the assets and distribute the proceeds, after which most remaining debts are discharged. This chapter is often referred to as \"straight bankruptcy\" and is available to individuals, partnerships, and corporations.",
  "url": "https://mlchart.com/terminology/law/chapter-7-bankruptcy/"
}