Definition from Nolo’s Plain-English Law Dictionary
A consumer liquidation bankruptcy proceeding in which the trustee sells any nonexempt property the debtor owns and distributes the proceeds to the debtor's creditors. At the end of a Chapter 7 case, many or all of the debtor's debts are discharged.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:12 pm