Noun
Chapter 7 (uncountable)
(US, finance, law) A type of bankruptcy code that governs the process of liquidation under the bankruptcy laws of the United States, conferring protection from creditors.
Chapter 7 asset liquidation is more appropriate in the schools’ situation because they are permanently closed and need to repay large debts. Source: Internet
Just like Walt Disney who filed for Chapter 7 twice, before his Disney theme parks and entertainment business became successful, clients decided to start life again with no debts, the proverbial fresh start. Source: Internet
Of course, not everyone will qualify for Chapter 7. Qualification for Chapter 7 depends on many factors. Source: Internet