Chapter 7 Bankruptcy

Last Updated: Jun 6, 2019

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A proceeding in which a company stops all operations and goes completely out of business. A Trustee is appointed to liquidate the company's assets, the proceeds are used to pay off the debts, and then the remaining debt is discharged.

See link below from the US Courts website.

http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-7-bankruptcy-basics